Lokpobiri urges oil firms to fast-track investment decisions

Minister of State for Petroleum Resources, Heineken Lokpobiri, called on oil and gas firms to accelerate their investment decision processes in Nigeria. The plea came during the signing ceremony for the Ima Gas Project, a discovery made in 1973 that has taken over five decades to reach the Final Investment Decision (FID). The $800 million project, co-developed by Nigerian independent AMNI International and TotalEnergies, is expected to begin production in 2028.

Lokpobiri emphasized that delays in reaching FID hinder the industry and urged the sector to adopt shorter timelines, ideally within six months. He also acknowledged the role of President Bola Tinubu's administration in providing fiscal and regulatory clarity, which has attracted significant investments to the sector. TotalEnergies, as a co-developer of Ima, stated that the field would supply about one-third of the gas required for the ongoing Nigeria LNG Train 7 expansion.