President Bola Tinubu has welcomed the Final Investment Decision (FID) by AMNI International Petroleum Development Company Limited and TotalEnergies EP Nigeria Limited on the $1.108 billion Ima Gas Project, with the development expected to produce about 350 million standard cubic feet of gas per day and supply approximately 30 per cent of the feed gas required for Nigeria LNG’s Train 7.

The project, which has independently confirmed gross reserves of about 1.28 trillion cubic feet (Tcf) of non-associated gas, is expected to produce at plateau for a minimum of eight years. First gas is targeted for October 2028.

The FID marks a major step in the commercialisation of AMNI’s offshore gas resources and will see the project move into engineering, procurement and construction following the completion of Front-End Engineering Design (FEED) and key project agreements.

President Tinubu said: “For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve the lives of our people. Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.

“The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment. We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people.”

The Chairman and Chief Executive Officer of AMNI, Chief Tunde J. Afolabi, said the investment decision reflected the company’s commitment to developing Nigeria’s oil and gas resources and expanding its role as an indigenous energy company.

Afolabi said the FID for the Ima Gas Project represented an important milestone for AMNI and reflected its continued commitment to the responsible development of Nigeria’s oil and gas resources.

“Ima is a significant component of our long-term growth strategy and further strengthens AMNI’s evolution into a more diversified indigenous energy company,” he said.

Speaking at the FID ceremony in Abuja, Afolabi said the decision also demonstrated Nigeria’s ability to attract long-term investment into its energy sector, particularly as major energy projects compete for funding across different markets.

He said Nigeria’s large hydrocarbon resources would only create economic value when supported by investment, technology and human capability, stressing the need for cooperation among government, regulators, international energy companies, indigenous operators, financiers, contractors, host communities and workers.

Afolabi also said the project highlighted the growing capability of Nigerian independent oil and gas companies, arguing that indigenous participation should go beyond ownership.

“Indigenous participation should not simply mean ownership. It must increasingly mean capability. It must mean technical excellence. It must mean financial discipline. It must mean good governance,” he said.

He added that Nigerian companies needed to build partnerships with leading international energy companies based on mutual respect and complementary strengths.

According to him, TotalEnergies brings international experience, technology and project execution capability to the partnership, while AMNI contributes its experience as a Nigerian independent, knowledge of the operating environment, entrepreneurial commitment and a long-term stake in Nigeria’s success.

With FID now achieved, Afolabi said the priority had shifted to project delivery, with emphasis on safety, technical integrity, environmental responsibility, engagement with host communities and meaningful participation by Nigerian businesses and professionals.

AMNI said it remained committed to Nigerian content, technical excellence, safety and environmental responsibility, with local participation embedded in its operations and the development of Nigerian capability across the energy value chain.