$800m Ima Gas FID Signals New Investment Wave in Nigeria’s Upstream Sector – NNPC

• NNPC Limited has welcomed the $800 million Final Investment Decision on the Ima Gas Project, describing the development as a major vote of confidence in Nigeria’s upstream gas sector.

• The Ima project, operated by TotalEnergies in partnership with Nigerian independent producer AMNI International, will develop gas resources in OMLs 112 and 117 offshore Rivers State.

• NNPC said the development reinforces the need to sustain reforms and partnerships capable of converting Nigeria’s gas reserves into productive assets, industrial feedstock, export earnings and employment.

September 25, () – The Nigerian National Petroleum Company Limited (NNPC Ltd) has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a major boost for investment in Nigeria’s upstream gas industry.

The project, being developed by Nigerian independent oil and gas company AMNI International in partnership with TotalEnergies, is located offshore on OMLs 112 and 117, near Bonny Island, Rivers State.

According to the NNPC, the development is expected to produce about 300 million standard cubic feet of gas per day at peak, with the gas supplying Nigeria LNG Limited (NLNG) as it expands its liquefaction capacity.

TotalEnergies, however, said the field is expected to commence production in 2028 and reach a plateau of 350 million cubic feet per day, with output supplying about one-third of the gas required for NLNG’s Train 7 expansion.

The Train 7 project is designed to increase NLNG’s capacity from 22 million tonnes per annum to 30 million tonnes, providing additional capacity for Nigeria’s LNG exports.

Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, described the FID as “a decisive vote of confidence in Nigeria’s gas sector” and the reforms aimed at creating more competitive and predictable investment conditions.

The NNPC said the Ima decision demonstrates the potential of partnerships involving indigenous operators, international energy companies and Nigerian financial institutions to unlock previously undeveloped gas resources.

It said the company would continue working with government, regulators and industry stakeholders to sustain investment in the sector and deploy gas resources for industrialisation, job creation and economic growth.

Ima Gas Resource Dates Back to 1973

The FID is particularly significant because the Ima gas resource was discovered in 1973 but remained undeveloped for more than five decades.

The Presidency said the $800 million investment would finally move the resource towards commercial production and enable it to contribute to Nigeria’s economy.

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

The Federal Government has attributed the recent investment decisions partly to measures introduced in 2024 to improve fiscal competitiveness, streamline contracting processes and reduce development costs for non-associated gas projects.

The Ima development also has a significant Nigerian financing and local-content component.

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

About 60 per cent of the project workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.

With production targeted for 2028, the project is expected to add a new source of gas to Nigeria’s LNG supply chain while supporting the planned expansion of NLNG’s capacity to 30 million tonnes per annum.

The NNPC said the development reinforces the need to sustain reforms and partnerships capable of converting Nigeria’s gas reserves into productive assets, industrial feedstock, export earnings and employment.