TotalEnergies is set to approve a $750 million investment in the Ima gas project in Nigeria next year, furthering the country’s efforts to attract new hydrocarbon investments.
The Ima project, a shallow-water development planned in partnership with a local company, is expected to enhance gas supply to Nigeria’s liquefied natural gas (LNG) plant.
This follows a $500 million investment approved earlier in 2024 to develop the Ubeta onshore field, a project designed to produce 300 million cubic feet of gas per day.
Speaking at a France-Nigeria business forum in Paris, TotalEnergies Senior Vice President for Africa, Exploration, and Production, Mike Sangster, emphasized the company’s commitment to Nigeria.
“The measures implemented over the past year have motivated us to renew investments in Nigeria, aiming to halt production declines and drive growth,” Sangster noted.
President Bola Tinubu, in office since May 2023, has introduced reforms to tackle challenges in the oil and gas sector, including two executive orders aimed at improving efficiency.
Additionally, Nigeria seeks to attract $10 billion in deep-water gas investments through tax incentives and regulatory changes proposed in a new policy framework.
Sangster acknowledged the progress but called for further streamlining of regulations and local content rules to encourage international contractors specializing in deep-water projects to return to Nigeria. These changes, he argued, could foster competition and revitalize stalled investments.
TotalEnergies’ planned investments underscore Nigeria’s potential as a major player in the global gas market, aligning with the country’s broader goals of boosting production, enhancing LNG export capacity, and ensuring energy security.
