Nigeria's Amni, TotalEnergies approve $800 million offshore gas project

By Reuters News

By Tife Owolabi

YENAGOA, Sept 25 (Reuters) - Nigeria's state oil firm NNPC Ltd said on Friday that a proposed $800 million offshore natural gas project by local producer Amni International and TotalEnergies had reached a final investment decision, marking one of the biggest recent investments in Nigeria's upstream gas sector.

  • The Ima gas project located on Oil Mining Leases 112 and 117 is expected to produce around 300 million standard cubic feet of gas per day at peak output.

  • Gas from the project will feed Nigeria LNG's Train 7 expansion, boosting the Bonny Island plant's production capacity to 30 million tonnes per year from 22 million.

  • NNPC said the investment was enabled by President Bola Tinubu's oil reforms, which introduced fiscal incentives for gas projects, streamlined contracting processes and lowered development costs.

  • According to NNPC, which grants approvals for such projects, the Ima project is the fourth major gas development to reach FID since Tinubu's 2024 oil reforms.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.