President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a major step towards unlocking Nigeria’s long-undeveloped gas resources.

The project, developed by Nigerian independent exploration and production company AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak, according to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

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.

The FID is expected to pave the way for development of the resource, which has the potential to provide feedgas for Nigeria LNG Limited.

Tinubu said the development demonstrated the importance of creating a predictable and competitive environment for investors.

He said the government was determined to unlock more of Nigeria’s gas resources to power industries, expand exports, create jobs and support economic growth.

The President said Nigeria had one of Africa’s largest gas resource bases, although significant volumes had remained undeveloped for decades.

He said the administration’s gas strategy was focused not only on increasing production but also on putting the resource to productive use through LNG exports, industrial feedstock, fertiliser and petrochemical production, improved power supply and opportunities for Nigerian businesses and workers.

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

The projects form part of government efforts to attract investment into the gas sector and convert Nigeria’s gas resources into productive assets capable of generating jobs, revenue and other economic opportunities.

Presidential reforms introduced in 2024 were aimed at improving fiscal competitiveness, reducing costs and shortening contracting timelines in the oil and gas industry.

Presidential Adviser on Energy, Olu Verheijen, said the Ima project reflected the objectives of the reforms by creating the commercial and investment conditions needed to develop previously stranded resources.

AMNI International, a Nigerian-owned company, holds a majority interest in the Ima asset, while Nigerian financial institutions have arranged 77 per cent of the project’s financing.

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

TotalEnergies separately said production start-up is expected in 2028, with the field projected to reach a plateau of 350 million cubic feet per day and supply about one-third of the gas required for the Nigeria LNG Train 7 expansion.