The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has hailed the Final Investment Decision, FID, for the Ima Gas Development Project, announced Wednesday by TotalEnergies EP Nigeria Limited and indigenous firm, AMNI International Petroleum Development Company Limited.
NUPRC noted that the project is set to underpin roughly a third of the feed gas for Nigeria LNG’s Train 7 expansion.
Speaking at a ceremony at the Transcorp Hilton Hotel in Abuja, NUPRC Chief Executive, Gbenga Komolafe, credited President Bola Tinubu’s policy direction for making the milestone possible, saying the project reflects what “steady policy direction and committed partners” can achieve.
He noted that executive orders issued under the president had reshaped the investment climate to a degree once unimaginable, and pledged that the regulator would continue to “enable business” and “unplug obstacles” facing operators.
The Ima field, discovered in 1973, sits in shallow waters of 8 to 10 metres off the Rivers State coast. AMNI holds a 60 per cent stake, while TotalEnergies, holding 40 per cent, will operate the field.
At plateau, the project is expected to produce about 350 million standard cubic feet of dry gas per day, with first gas targeted for late 2028.
TotalEnergies Managing Director Mathieu Bouyer put the investment at more than $600 million, calling it a strong vote of confidence in Nigeria’s oil and gas sector.
Seven Nigerian financial institutions, including Zenith Bank and United Bank for Africa, UBA, are financing about 77 per cent of the project.
Bouyer projected the development could generate between $2 billion and $4 billion in value over its lifetime, depending on international gas prices.
The FID marks another step toward feeding Nigeria LNG’s long-delayed Train 7 expansion, a project central to the country’s ambitions of scaling up gas export capacity and monetising its vast offshore reserves.
