The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has welcomed the Final Investment Decision (FID) by TotalEnergies EP Nigeria Limited and AMNI International Petroleum Development Company Limited on the Ima Gas Development Project, describing it as a major milestone for Nigeria’s oil and gas industry.
The investment decision, announced on Wednesday in Abuja, is expected to unlock gas resources that will support the Nigeria LNG (NLNG) Train 7 expansion and strengthen the country’s drive to increase gas production.
Speaking at the FID ceremony held at the Transcorp Hilton Hotel, Abuja, the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said the project reflects the positive impact of the Federal Government’s ongoing reforms in the petroleum sector.
> “Today’s success is attributable to, His Excellency, The President of the Federal Republic of Nigeria, @officialABAT Tinubu… Years ago we could not have conceived that today we will be sitting here to celebrate a project if he hadn’t given the executive orders…”
She assured investors that the Commission would continue to create an enabling environment for investments in the industry.
> “As the Chief Regulator in the industry, we will enable business, we will unplug obstacles. The President has set the path for us, and we are determined to follow through,” she said.
The Ima field, located offshore in shallow waters between eight and 10 metres deep off the coast of Rivers State, was discovered in 1973 but has remained undeveloped for decades.
With the FID now secured, the project is expected to supply about one-third of the feed gas required for the Nigeria LNG Train 7 expansion, further strengthening Nigeria’s position in the global liquefied natural gas market.
AMNI International, an indigenous Nigerian energy company, holds a 60 per cent stake in the project, while TotalEnergies owns the remaining 40 per cent and will serve as operator.
At peak production, the field is expected to deliver about 350 million standard cubic feet of dry gas per day, with first gas targeted for the end of 2028.
Also speaking at the event, Managing Director of TotalEnergies EP Nigeria Limited, Mathieu Bouyer, described the over $600 million investment as a strong vote of confidence in Nigeria’s oil and gas sector.
According to him, seven Nigerian financial institutions, including Zenith Bank and United Bank for Africa (UBA), are providing about 77 per cent of the project’s financing.
Bouyer added that the Ima Gas Development Project could generate between $2 billion and $4 billion in economic value over its lifetime, depending on international gas prices.
The Final Investment Decision is one of the biggest gas investment commitments announced in Nigeria in recent years and is expected to support the country’s gas monetisation agenda, create jobs, attract further investment and improve domestic gas supply while expanding exports through the NLNG Train 7 project.
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