Tinubu: $800m Ima Gas Field Investment Will Create Jobs, Boost Gas Supply

President Bola Ahmed Tinubu has said the $800 million Final Investment Decision by AMNI International and TotalEnergies to develop the Ima Gas Field will create jobs, support Nigerian businesses and increase economic activity in host communities.

Tinubu disclosed this in a statement highlighting the progress of his administration’s reforms in the oil and gas sector.

According to the President, the investment followed a series of Presidential Directives and Executive Orders introduced to make Nigeria’s oil and gas industry more competitive, reduce the cost and time required to develop projects and provide greater certainty for investors.

He said one of the reforms introduced specific incentives to unlock onshore and shallow-water gas projects that had remained undeveloped for years.

“AMNI International and TotalEnergies have taken an $800 million Final Investment Decision to develop the Ima Gas Field, discovered in 1973 and left underground for more than fifty years,” Tinubu said.

The President said the project would create opportunities for Nigerian engineers, technicians, contractors and businesses while generating jobs and economic activity in host communities.

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

Tinubu said the Ima Gas Field is expected to produce about 350 million cubic feet of gas per day at peak production and supply about one-third of the gas required for the expansion of Nigeria LNG.

He described the development as an indication that the government’s reforms were beginning to attract investments and unlock previously undeveloped resources.

“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,” the President said.

Tinubu added that more opportunities remained to be unlocked in Nigeria’s oil and gas sector.