Nigeria, TotalEnergies Sign $800 Million Gas Project

Nigeria and TotalEnergies have agreed to invest $800 million in an offshore natural gas field to advance the country’s hydrocarbon ambitions.

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

The Ima gas resource, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.

President Bola Ahmed Tinubu welcomed the Final Investment Decision (FID) on Wednesday, describing it as a milestone in efforts to attract investment into Nigeria’s gas sector, create jobs and expand economic activity.

“For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve the lives of our people,” Tinubu said in a statement.

“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”

The President said the project shows the impact of reforms designed to create a more competitive and predictable investment environment.

“The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment.

“We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people,” he said.

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

The administration said the developments reflect efforts to address years of underinvestment and move previously undeveloped gas resources towards production.

In 2024, Tinubu issued a series of presidential directives intended to improve fiscal competitiveness, shorten contracting timelines and reduce project costs in the oil and gas sector.

The Special Adviser to the President on Energy, Olu Verheijen, said the Ima project demonstrates the importance of creating commercial conditions that allow investors to develop Nigeria’s resources.

“Nigeria has never lacked resources. The challenge has been creating the commercial and investment conditions required to move those resources from beneath the ground into projects that employ Nigerians, create opportunities for Nigerian businesses, generate revenues and support economic growth,” Verheijen said.

AMNI International holds a majority interest in the asset, with the project also expected to deepen indigenous participation in Nigeria’s upstream oil and gas industry.

Nigerian financial institutions have arranged 77 percent of the project’s financing, while about 60 per cent of its workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.

The project is also expected to contribute gas for domestic and industrial use, as well as support Nigeria’s liquefied natural gas exports and foreign exchange earnings.

The Nigerian Government said the wider gas strategy focuses on using the country’s gas resources to support industries, fertiliser and petrochemical production, electricity generation, and new opportunities for businesses and workers.

“Natural resources have value only when they are converted into opportunities for our people,” Tinubu said.

“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity.”

STATEHOUSE PRESS RELEASE

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President Bola Ahmed Tinubu welcomes the $800 million Final Investment Decision (FID) on the Ima Gas Project, marking another major milestone in his administration’s… pic.twitter.com/GyrGZJmAQl

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