NNPC: $800m Ima Gas Project Signals Fresh Investment Wave

The Nigerian National Petroleum Company Limited has hailed the $800 million Final Investment Decision on the Ima Gas Project as a major boost for Nigeria’s drive to attract fresh investment into its gas industry.

The offshore project, being developed by AMNI International in partnership with TotalEnergies across Oil Mining Leases 112 and 117, is expected to deliver up to 300 million standard cubic feet of gas daily at peak production.

NNPC Ltd.’s Chief Corporate Communications Officer, Andy Odeh, disclosed this in a statement on Friday.

The company said the project would provide vital feedgas for Nigeria LNG Limited’s Train 7 expansion at Bonny Island, a development that will raise the plant’s production capacity from 22 million tonnes per annum to 30 million tonnes.

The latest FID also brings to four the number of major gas projects that have reached the investment decision stage under the administration of President Bola Ahmed Tinubu. The other projects are Iseni, Ubeta and HI.

According to NNPC, the Ima project was unlocked by the Federal Government’s 2024 Presidential Directives, which introduced fiscal incentives for non-associated gas projects, simplified contracting procedures and reduced development costs.

Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, said the investment demonstrated growing confidence in Nigeria’s gas sector and the reforms aimed at making the country more attractive to investors.

He described the FID as “a decisive vote of confidence in Nigeria’s gas sector and in the bold reforms” that have created more competitive terms and a more predictable investment environment.

Beyond the project itself, NNPC said the financing structure involving AMNI as the indigenous operator, TotalEnergies as the international partner and Nigerian financial institutions demonstrated a partnership model that could be replicated across the industry.

The company said stronger collaboration among government, regulators, investors and operators would be critical to maintaining the momentum.

It reaffirmed its commitment to supporting investments that would unlock Nigeria’s gas reserves, strengthen domestic energy supply, create jobs and drive industrial growth.

The Ima FID therefore adds another major project to Nigeria’s expanding gas investment pipeline, as the country seeks to turn its vast gas reserves into a bigger source of energy, industrial output and economic value.