President Bola Tinubu has announced that AMNI International and TotalEnergies have taken a Final Investment Decision, FID, worth $800 million to develop the Ima Gas Field, discovered in 1973 but left undeveloped for more than five decades.
Tinubu said the development followed a series of Presidential Directives and Executive Orders introduced by his administration to reposition Nigeria’s oil and gas sector, attract investment and make the industry more competitive.
The President disclosed this in a statement on Wednesday saying the reforms were designed to reduce the cost and time required to develop projects, provide greater certainty to investors and ensure that Nigeria’s natural resources deliver greater value to citizens.
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According to him, one of the reforms introduced specific incentives aimed at unlocking onshore and shallow-water gas projects that had remained undeveloped for years.
He said the $800 million investment in the Ima Gas Field showed that the reforms were beginning to produce results.
“For Nigerians, this means work for our engineers, technicians and contractors. It means opportunities for Nigerian businesses, jobs and economic activity in our host communities, and more export earnings for our country,” Tinubu said.
The President noted that AMNI, a Nigerian company, holds the majority interest in the project, while about 60 per cent of the development workforce is expected to come from the host communities.
Tinubu said the Ima Gas Field is expected to produce about 350 million cubic feet of gas daily at peak production.
He added that the project is expected to supply about one-third of the gas required for the expansion of Nigeria LNG.
“This is what our reforms are intended to achieve, to move Nigeria’s resources from potential to production and translate them into jobs, incomes and opportunity for our people,” the President said.
Tinubu added that his administration would continue working to unlock more opportunities in Nigeria’s oil and gas sector.
