Our Asset acquisition strategy is based on securing a balanced portfolio of assets and opportunities that enables the Company achieve its equity production and reserves aspirations in the short, medium and long term. In this regard, we have successfully secured certain interests in five Oil Mining Licenses, four of which are located in the shallow offshore region of the Niger Delta Basin.
- OML 34 (Land)
- OMLs 83 & 85 (Shallow offshore)
- OMLs 71 & 72 (Shallow offshore)
In 2012, the year the Company was officially launched, FIRST E&P acquired a 10% equity interest in ND Western Limited (NDW) which has 45% interest in OML 34, operated by NPDC. The acquisition in NDW provided FIRST E&P with immediate equity oil and gas production.
OML 83 and OML 85 Seismic Data Acquisition Survey Exercise Summary
FIRST E&P successfully acquired approximately 900 sq.km (full-fold coverage) of Broadband 3D seismic data over OML 83 and OML 85. The plan to complete block-wide opportunities evaluation and achieve a robust life-cycle portfolio management on OML 83 and OML 85 necessitated the acquisition campaign.
OMLs 71 & 72
FIRST E&P in conjunction with Dangote Exploration Assets Limited and Dansa Energy Resources Limited (via a joint venture – West African Exploration and Production Company Limited (WAEP)) acquired a 45% participating interest in OML 71 and OML 72 from Shell Petroleum and Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited (the “SPDC JV”).
Dangote Industries Limited in partnership with FIRST E&P is embarking on an East West Offshore Gas Gathering Pipeline System (EWOGGS) which will transform Nigeria’s energy landscape. It is the single largest gas infrastructure investment in Nigeria’s history for the benefit of domestic gas demand.