Nigeran independent oil and gas company FIRST Exploration and Petroleum Development Company (FIRST E&P) announced a target of 250,000 barrels of oil equivalent per day in equity production by 2030. The company is also preparing a fully developed midstream gas business and is targeting 1 billion standard cubic feet per day of gas processing and supply capacity.
The announcement was presented on September 2 by Segun Owalabi, General Manager-Exploration and Development, FIRST E&P during the Unlocking Value in the Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters session – sponsored by FIRST E&P – during a pre-conference event at Angola Oil&Gas 2025 in Luanda.
“We have consistently delivered transformational milestones, driving growth through safety, speed, efficiency and responsibility,” stated Owalabi.
During the presentation, Owalabi highlighted the successful execution of the company’s flagship Anyala and Madu fields in the Niger Delta, which were delivered to first oil within two years of Final Investment Decision. Through continued exploration, appraisal and asset stewardship, FIRST E&P has tripled its petroleum reserves, which was also supported by a recent 2-trillion-standard-cubic-feet gas discovery at the Songhai field in March this year.
“We now operate all these assets in shallow waters. We chose Nigeria’s shallow water terrain as an entry point to unlock near-term value, de-risk future growth and build operating credibility,” Owalabi concluded.
The session also detailed FIRST E&P’s evolving approach to integrated oil and gas exploration, which reduces unit development and operating costs while accelerating value realization from marginal accumulations.
Distributed by APO Group on behalf of Energy Capital&Power.
