Tinubu welcomes $800m Ima gas project investment decision

President Bola Tinubu has welcomed the $800m final investment decision on the Ima Gas Project, a gas development that had remained undeveloped for more than 50 years.

The Presidency said the project is tied to efforts to unlock more gas supply for industry, power and wider economic use. The gas resource is located offshore in Oil Mining Leases 112 and 117 and was discovered in 1973.

The final investment decision was announced on Wednesday. Nigerian company AMNI International is developing the project in partnership with TotalEnergies, and it is expected to produce about 300 million standard cubic feet of gas per day at peak, according to the Presidency’s statement reported by Punch.

The report said Tinubu described the decision as another sign that investors are responding to federal measures aimed at improving the energy sector. It is the fourth major gas project to reach final investment decision under his administration, after the Iseni, Ubeta and HI projects.

The Ima project adds to the government’s push to increase domestic gas development at a time when Nigeria is trying to attract more energy investment and reduce delays around long-held assets.

Source: Punch