Ima Gas Project Marks a New Chapter in AMNI’s Growth Story

Bayo Adeoye When AMNI International Petroleum Development Company Limited and TotalEnergies EP Nigeria formally marked the Final Investment Decision for the Ima Gas Project in Abuja, the moment represented far more than the approval of another upstream development. For AMNI, it was the culmination of years of technical, commercial and contractual work, and the beginning of a new chapter in the Company’s evolution from an established indigenous offshore oil producer into a more diversified oil and gas business. The Ima Gas Project carries an estimated development cost of approximately US$1.108 billion and holds independently confirmed gross reserves of about 1.28 trillion cubic feet of non-associated gas. At plateau, the development is designed to produce approximately 350 million standard cubic feet of gas per day, sustaining that level for a minimum of eight years. The significance of those volumes extends well beyond AMNI’s own portfolio. Gas from Ima is expected to provide approximately 30% of the feed gas requirement for Nigeria LNG’s Train 7, creating a substantial and predictable long-term supply stream for one of Nigeria’s most important gas infrastructure projects. First gas is targeted for October 2028. That makes Ima both a corporate growth project and part of a wider national gas story. Nigeria has long sought to deepen the commercialisation of its considerable gas resources, increase supply to domestic and export markets and create greater value from resources that historically received less attention than crude oil. Ima sits directly within that transition: a sizeable non-associated gas development connected to an established LNG growth programme and backed by a long-running partnership between an indigenous operator and an international energy company. The national significance of the project was underscored after the FID by President Bola Ahmed Tinubu, who publicly cited Ima as an example of previously undeveloped gas resources being moved towards production. In his remarks, the President also drew attention to AMNI’s position as the Nigerian company holding the majority interest in the development and to the opportunities the project is expected to create for Nigerian engineers, technicians, contractors, businesses and host communities. The intervention placed the project within a broader conversation about Nigeria’s efforts to attract investment into its oil and gas sector and translate resource development into jobs, economic activity and export earnings. For AMNI, it also brought national attention to a journey that began more than three decades ago. A Project Rooted in AMNI History For AMNI, the project is also rooted in its own history. Established in 1993, the Company was among the indigenous businesses that entered Nigeria’s offshore exploration and production industry at a time when the sector was still largely dominated by international companies. AMNI subsequently developed capabilities across seismic acquisition and interpretation, exploration and appraisal drilling, field development, production operations and offshore infrastructure. Ima itself has been part of that story for decades. Following the acquisition of the licence, AMNI commenced appraisal and development activity and achieved first oil production from Ima in 1996. The Company has since maintained continuous production for more than 30 years and expanded its portfolio across Nigeria’s upstream sector. The relationship with TotalEnergies is similarly longstanding. In 2005, Total, now TotalEnergies, entered into a Joint Venture with AMNI by acquiring a 40% working interest in OMLs 112 and 117, while AMNI remained operator. More than two decades later, the Ima Gas development represents a significant new phase in that relationship, building on gas resources discovered alongside the original Ima oil accumulation. The decision to proceed with the project followed extensive technical, commercial and contractual preparation, including Front End Engineering Design and the execution of key project agreements. With FID achieved, the development now moves into engineering, procurement and construction ahead of commissioning and first gas. A Defining Milestone for AMNI For Chief Tunde J. Afolabi, MFR, Chairman / CEO of AMNI, the milestone reflects both the scale of the opportunity and the Company’s longer-term direction. “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.” He added that the project forms a critical part of AMNI’s long-term growth strategy and strengthens the Company’s position as an indigenous energy business with an increasingly diversified portfolio. That diversification is becoming increasingly important to AMNI’s growth ambitions. The company’s Nigerian portfolio currently contains combined resources of more than 60 million barrels of oil and nearly 4 trillion cubic feet of gas, providing a substantial resource base from which to build the next stage of the business. Ima is a central component of AMNI’s broader 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. Alongside ongoing activity at the Okoro Field and other planned oil and gas developments, Ima is expected to play a significant role in expanding and diversifying AMNI’s production base. But the Road to 250 is not simply about adding barrels or molecules. It is also about AMNI translating its resource base into sustainable production through disciplined capital allocation, safe project execution, strong partnerships and the technical capacity required to deliver increasingly complex developments. The Ima FID therefore represents an important statement of intent. It demonstrates the scale at which an indigenous Nigerian operator can participate in the development of the country’s energy resources alongside a major international partner, while maintaining a long-term focus on local capability, Nigerian content and responsible resource development. For AMNI, local participation has been embedded in its philosophy since inception, with the Company committed to technical excellence, safety, environmental responsibility and the continued development of Nigerian companies and professionals across the energy value chain. From Decision to a New Chapter The focus now shifts to engineering, procurement, construction, commissioning and ultimately the first flow of gas expected in 2028. Each stage will bring the project closer to turning a long-held resource into productive energy infrastructure. For Nigeria, Ima represents another important step towards converting the country’s abundant gas resources into economic value, export earnings and opportunity. For the AMNI and TotalEnergies partnership, it opens a new chapter in a relationship that has endured for more than two decades. But perhaps the larger story is what the project says about the evolution of Nigeria’s indigenous energy industry. More than three decades after AMNI first entered an upstream sector dominated by international companies, the Nigerian company now stands at the centre of a major new gas development, bringing together indigenous ownership, international partnership, technical capability and long-term investment. For AMNI, Ima is therefore more than another project. It is a marker of how far the Company has come, and of the scale of the company it will become. •Adeoye writes from Lagos.