Nigerian President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project that unlocks a resource discovered 53 years ago.
Tinubu said that the project marked another milestone in his administration’s drive to unlock Nigeria’s gas resources for investment, industrialisation, job creation and economic growth.
Developed by the Nigerian independent energy company, AMNI International, in partnership with TotalEnergies, the project is expected to produce about 300 million standard cubic feet of gas daily at peak.
According to the statement by Presidential Spokesperson, Mr. Bayo Onanuga, on Wednesday in Abuja, Ima gas resource, located offshore in OMLs 112 and 117, was discovered in 1973, but remained undeveloped for more than five decades.
In spite of its significant reserves and potential as feed-gas for Nigeria LNG Limited, the resource remained underground and contributed little to the Nigerian economy.
The Ima FID is the fourth major gas project to reach final investment decision since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
Tinubu said that the development demonstrated the impact of reforms aimed at creating a competitive, predictable and enabling environment for investors.
“For more than 50 years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve lives.”
“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities,” he said.
The Nigerian President said that his administration remained committed to unlocking more gas resources to power industries, expand exports, create jobs and promote sustainable prosperity.
Since assuming office, Tinubu has prioritised reforms aimed at reversing years of underinvestment in Nigeria’s oil and gas industry.
GIK/APA