AMNI and TotalEnergies reach final investment decision on US$1.108bn Ima Gas Project

AMNI International Petroleum Development Company Limited has announced the Final Investment Decision (FID) for the Ima Gas Project, being developed in partnership with TotalEnergies EP Nigeria Limited, marking a major milestone in the commercialisation of one of AMNI’s significant offshore gas resources and the next phase of the Company’s long-term growth strategy.

The Ima Gas Project has an estimated development cost of approximately US$1.108 billion and holds independently confirmed gross reserves of approximately 1.28 trillion cubic feet (Tcf) of non-associated gas. At plateau, the project is designed to produce approximately 350 million standard cubic feet of gas per day (MMscf/d) for a minimum of eight years.

Gas from the development is expected to supply approximately 30% of the feed gas requirement for Nigeria LNG’s Train 7, providing a significant long-term gas supply stream to the country’s expanding LNG infrastructure. First gas is targeted for October 2028.

The FID follows the completion of extensive technical, commercial and contractual work on the project, including Front-End Engineering Design (FEED) and the execution of key project agreements. The project will now progress into engineering, procurement and construction ahead of commissioning and first gas.

Commenting on the milestone, Chief Tunde J Afolabi, Chairman/CEO of AMNI International Petroleum Development Company Limited, said:

“The Final Investment Decision for the Ima Gas Project represents an important milestone for AMNI and reflects our continued commitment to the responsible development of Nigeria’s oil and gas resources.

“Ima is a significant component of our long-term growth strategy and further strengthens AMNI’s evolution into a more diversified indigenous energy company. Importantly, the project demonstrates what can be achieved through sustained partnership, disciplined investment and a shared commitment to unlocking Nigeria’s gas potential.

“As we move into the execution phase, our focus will remain on safe delivery, operational excellence and creating sustainable value for our partners, stakeholders and the Nigerian economy.”

Speaking at the FID ceremony in Abuja, Afolabi also placed the decision in the wider context of Nigeria’s ability to attract long-term energy investment. He said major energy projects now compete for capital across multiple markets and that reaching FID in Nigeria sends a practical signal about the country’s continuing investment potential.

“Capital is disciplined. Capital has choices. And major energy companies today have investment opportunities competing for funding across many parts of the world,” Afolabi said. “When companies take an FID in Nigeria, it sends an important signal. It says that opportunities in this country can still be identified, structured, financed and developed successfully.”

He added that Nigeria’s substantial hydrocarbon resources would only translate into economic value where investment, technology and human capability can convert resources into production, requiring cooperation among government, regulators, international energy companies, indigenous operators, financiers, contractors, host communities and the workforce.

For AMNI, Afolabi said the Ima development also demonstrates the expanding role and capability of Nigerian independent companies in the country’s petroleum sector.

“Indigenous participation should not simply mean ownership. It must increasingly mean capability. It must mean technical excellence. It must mean financial discipline. It must mean good governance,” he said, adding that Nigerian organisations must be able to build partnerships with leading international energy companies based on mutual respect and complementary strengths.

Afolabi traced the current phase of the project to a meeting in Houston in May 2024 with TotalEnergies Chairman Patrick Pouyanné, when the parties signed Heads of Terms for the development. He said the handshake that followed the signing symbolised the trust and commitment behind the agreement and reflected the importance of relationships, credibility and keeping commitments in advancing major projects.

He said TotalEnergies brings international experience, technology and project execution capability, while AMNI contributes its experience as a Nigerian independent, knowledge of the operating environment, entrepreneurial commitment and a long-term stake in Nigeria’s success.

With FID now achieved, Afolabi said the focus shifts decisively to delivery. He said the project must be executed safely, responsibly and efficiently, with high standards of technical integrity and environmental stewardship, constructive engagement with host communities and meaningful participation by Nigerian businesses and professionals.

“Ultimately, our success will not be measured by today’s photographs or speeches. It will be measured by what happens after today,” he said.

The project also marks a new chapter in the longstanding relationship between AMNI and TotalEnergies. Total, now TotalEnergies, entered into a Joint Venture with AMNI in 2005, acquiring a 40% working interest in OMLs 112 and 117, with AMNI remaining operator. The Ima Gas development builds on resources discovered alongside the original Ima oil accumulation and extends a partnership spanning more than two decades.

AMNI acquired the Ima licence in the early years of its operations and subsequently commenced appraisal and development activities, achieving first oil from the field in 1996. Since its establishment in 1993, AMNI has developed capabilities across seismic acquisition and interpretation, exploration and appraisal drilling, field development, production operations and offshore infrastructure. The Company has maintained continuous production for more than three decades.

Today, AMNI’s Nigerian portfolio contains combined resources of more than 60 million barrels of oil and nearly 4 trillion cubic feet of gas, providing a foundation for the Company’s next phase of oil and gas development.

The Ima Gas Project forms a key part of AMNI’s broader growth programme and its Road to 250 KBOE/d strategy, under which the Company is targeting production capacity of approximately 250,000 barrels of oil equivalent per day by 2031. Together with ongoing development activity at the Okoro Field and other planned projects, Ima is expected to contribute significantly to the expansion and diversification of AMNI’s production portfolio.

AMNI remains committed to Nigerian content, technical excellence, safety and environmental responsibility, with local participation embedded in the Company’s operating philosophy and the development of Nigerian capability across the energy value chain.

About AMNI International

AMNI International Petroleum Development Company Limited is an independent indigenous oil and gas exploration and production company with operations in Nigeria. Established in 1993, the Company has more than three decades of experience in offshore exploration, development and production and is pursuing a long-term strategy focused on optimising existing assets, advancing new oil and gas developments, expanding its portfolio and creating sustainable value for stakeholders.