President Bola Tinubu has cited an $800 million investment decision by AMNI International and TotalEnergies for the development of the Ima Gas Field as evidence of changes in Nigeria’s oil and gas sector.
The President said the field, discovered in 1973 and left undeveloped for more than 50 years, would now be developed after the two companies took a Final Investment Decision on the project.
“Today, we are seeing the result,” Tinubu said in a post on X on Wednesday.
The Ima project is expected to produce about 350 million cubic feet of gas daily at peak production.
Tinubu said the gas would supply about one-third of the volume required for the expansion of Nigeria LNG.
Jobs and local participation
The President said the project would create work for Nigerian engineers, technicians and contractors, as well as opportunities for businesses in host communities.
AMNI, a Nigerian company, holds the majority interest in the project.
About 60 per cent of the development workforce is expected to come from the host communities, Tinubu said.
He said the project would also generate economic activity and more export earnings for Nigeria.
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The President said the decision came after a series of Presidential Directives and Executive Orders introduced since he took office.
He said the measures were designed to make investment in Nigeria more competitive, reduce the cost and time needed to develop projects and give investors more certainty.
One of the reforms introduced incentives for onshore and shallow-water gas projects that had not been developed.
Tinubu presented the Ima project as an example of what those incentives were intended to achieve.
He said the aim was to turn Nigeria’s natural resources into production, jobs, incomes and business opportunities.
The Ima Gas Field has a long history. It was discovered in 1973 but had stayed undeveloped for more than five decades before the investment decision announced by AMNI and TotalEnergies.
The project also has a direct connection with Nigeria LNG, as its expected gas output could provide about one-third of the gas needed for the expansion of the LNG operation.
Tinubu said the project showed that there were still more resources in Nigeria that could be developed.
“We have more to unlock,” he said.
The President said the government’s oil and gas reforms were intended to ensure that the country gained greater value from its natural resources.
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