FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) is a Nigerian oil and gas company that was established in 2011. It started formal business operations on the 1st of July, 2012.
FIRST E&P’s mission is to be a deeply technical, commercial and entrepreneurial organization, with full delivery capability across the entire upstream oil and gas value chain.
Our areas of expertise include the value creation phase of commercial deal delivery, maturation of exploration and appraisal opportunities, field development, project execution leading to the production of hydrocarbons, on to the value monetisation phase of integrated operations and maintenance, hydrocarbon fiscalisation, and sales. Corporate governance and sound business principles represent part of our Company’s sustainable foundation.
FIRST E&P’s strategic goal is to establish itself as the most admired independent E&P Company contributing to the well being of Nigerians.
FIRST E&P aspires to be the leading Nigerian indigenous integrated execution vehicle, focused on developing and operating a portfolio of upstream oil and gas assets. With a management team that has a track record of commercializing and operating upstream oil and gas assets globally and in Nigeria, and supported by a Board of Directors with sound business knowledge and credible international profile, the Company is poised to deliver a material value of about 25,000 barrels of oil-equivalent per day within five years.
Our balanced upstream portfolio includes assets that shall generate sufficient cash-flow and financial stability for a start-up E&P company and this is anchored on the acquisition of:
- 10% of ND Western’s 45% working interest in OML 34 (a producing asset divested by the SPDC/TEPNG/NAOC JV in 2012)
- 40% working interest in OML 83 and OML 85 (assets divested by Chevron in 2015)
- 15% of West African Exploration and Production Company Limited’s 45% working interest in OML 71 and OML 72 (assets divested by the SPDC/TEPNG/NAOC JV in 2015),
As well as a mix of development and appraisal asset opportunities where FIRST E&P can materially add value, and unlock upside potential.
The portfolio will include niche portfolio of exploration plays that can offer significant appraisal and development opportunities that fill our maturation funnel in the years ahead. FIRST E&P also has a 10% interest in a joint venture with Dangote Industries Limited to build the East-West Offshore Gas Gathering System (EWOGGS) Pipeline.
At present, we are recognized by the Federal Ministry of Petroleum Resources as the “Most Compliant Nigeria Content Oil Company”.