$800m Ima Gas Project Seals Landmark Investment Decision in Nigeria
The Nigerian National Petroleum Company Limited (NNPC Ltd) has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, calling it a landmark step for domestic energy security.
The project, which targets the production of approximately 350 million standard cubic feet per day (MMscf/d) of raw natural gas, is situated within Oil Mining Lease (OML) 38, located offshore Nigeria in a region known for its complex hydrocarbon geology.
The FID marks a significant milestone for the project, which has been years in the making and involves geological appraisal, front-end engineering design (FEED), and commercial negotiations regarding fiscal terms and gas pricing frameworks.
NNPC Ltd holds a significant equity stake in the joint venture and is positioning itself as a core partner in the project's execution. The development aligns with the Federal Government's 'Decade of Gas' initiative, which aims to transition Nigeria from an oil-exporting economy to a gas-driven industrial hub.
The Ima project will provide critical baseload fuel for independent power producers and manufacturing clusters across the southern corridor of the country, helping to stabilize Nigeria's domestic electricity grid. The project is also designed to feed into the Nigeria LNG (NLNG) facility on Bonny Island, supporting the ongoing NLNG Train 7 expansion.