Tinubu: $800m Ima Gas Field Investment Shows Oil Reforms Are Bearing Fruit

President Bola Ahmed Tinubu has said reforms introduced by his administration to reposition Nigeria’s oil and gas sector are beginning to attract major investments, citing the $800 million Final Investment Decision (FID) reached for the development of the Ima Gas Field.

Tinubu disclosed this in a statement highlighting the impact of the Presidential Directives and Executive Orders issued by his administration to make investment in Nigeria more competitive and reduce the cost and time required to develop oil and gas projects.

According to the President, the reforms were also designed to provide greater certainty for investors and ensure that Nigeria derives more value from its natural resources.

He said one of the measures introduced targeted incentives at unlocking onshore and shallow-water gas projects that had remained undeveloped for years.

The President said the decision by AMNI International and TotalEnergies to commit $800 million to the Ima Gas Field represented a major outcome of the reforms.

The gas field was discovered in 1973 but remained undeveloped for more than five decades.

Tinubu said the project would generate employment and business opportunities for Nigerian engineers, technicians and contractors, while also stimulating economic activity in host communities and increasing the country’s export earnings.

He noted that AMNI International, a Nigerian company, holds the majority interest in the project, while about 60 per cent of the development workforce is expected to be sourced from host communities.

The Ima Gas Field is projected to produce about 350 million cubic feet of gas per day at peak production.

According to the President, the gas from the field is expected to supply about one-third of the gas required for the expansion of Nigeria LNG.

Tinubu said the development demonstrated the administration’s objective of moving Nigeria’s oil and gas resources from potential to actual production and translating them into jobs, incomes and economic opportunities.

“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,” he said.

The President added: “We have more to unlock.”