Nigeria approves $800 million Ima gas project investment

Nigeria has reached a final investment decision on the $800 million Ima Gas Project, more than five decades after the offshore resource was discovered. President Bola Tinubu welcomed the decision, which was announced on September 23, according to a statement by his special adviser on information and strategy, Bayo Onanuga. The project is being developed by Nigerian independent AMNI International in partnership with TotalEnergies.

The Ima resource is located offshore in Oil Mining Leases 112 and 117. It was discovered in 1973 but remained undeveloped for more than 50 years. The project is expected to produce about 300 million standard cubic feet of gas per day at peak, the statement said.

Onanuga described the decision as the fourth major gas project to reach final investment decision since Tinubu took office, following the Iseni, Ubeta and HI projects. The administration says its reforms aim to improve fiscal conditions, shorten contracting timelines and attract investment to the gas sector. AMNI holds a majority interest in the asset.

Nigerian financial institutions arranged 77% of the project’s financing, while about 60% of its workforce is expected to come from host communities including Bonny, Finima and Andoni in Rivers State. Tinubu said the project could help expand exports, support industry and create jobs. Energy adviser Olu Arowolo Verheijen said the development illustrated the government’s effort to turn long-undeveloped resources into productive projects.