Nigerian independent energy firm FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) has unveiled an ambitious plan to ramp up oil production to 250,000 barrels per day (bpd) by 2030 while building a fully developed midstream gas business capable of processing and supplying 1 billion standard cubic feet per day (1bscf/d) of gas.
The announcement was made by Segun Owalabi, general manager for exploration and development, during a pre-conference session of the Angola Oil & Gas 2025 forum in Luanda.
The session, sponsored by FIRST E&P, explored the theme “Unlocking Value in the Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters.”
“We have consistently delivered transformational milestones, driving growth through safety, speed, efficiency and responsibility,” Owalabi said, underscoring the company’s growth strategy in Nigeria’s upstream and midstream sectors.
Track record of fast-paced delivery
FIRST E&P, under Ademola Adeyemi-Bero, has built a reputation for fast-track project execution. Owalabi cited the company’s flagship Anyala and Madu fields in the Niger Delta as examples, noting that both were delivered to first oil within just two years of Final Investment Decision (FID), a rare feat in , where project delays are common.
Through aggressive exploration, appraisal, and asset stewardship, the company has tripled its petroleum reserves. This effort was recently reinforced by a 2-trillion-standard-cubic-feet gas discovery at the Songhai field in March 2025, bolstering its upstream portfolio and positioning it as a key Nigerian player in the global energy transition.
Strategy rooted in shallow water assets
According to Owalabi, the company’s focus on Nigeria’s shallow water terrain was a deliberate strategy to capture near-term value, minimise geological and technical risks, and establish operating credibility.
“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,” he said.
This approach has enabled FIRST E&P to cluster developments across marginal accumulations, a method that reduces unit development and operating costs while accelerating returns on investment.
