…Says reforms unlocking Nigeria’s gas resources

President Bola Ahmed Tinubu has hailed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as evidence that his administration’s reforms are unlocking long-standing gas resources and attracting fresh investment into Nigeria’s energy sector.

The project, being developed by Nigerian independent oil and gas company AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak production.

The Ima gas resource, located offshore in Oil Mining Leases (OMLs) 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades despite its significant reserves and potential to supply feedgas to Nigeria LNG Limited.

The $800 million FID, announced on September 23, is expected to pave the way for the resource’s development and support investment, industrialisation, employment and economic growth.

The Ima project is the fourth major gas development to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.

Tinubu, in a statement issued on Wednesday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the development demonstrated the impact of reforms undertaken by his administration to make Nigeria’s oil and gas industry more attractive to investors.

The President also said the project underscored the growing role of Nigerian companies and financial institutions in financing and executing major developments in the country’s upstream petroleum industry.

AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, while Nigerian financial institutions arranged 77 per cent of the project’s financing.

About 60 per cent of the project’s workforce is also expected to be drawn from host