Nigeria’s FIRST E&P Sets 2030 Goal of 250,000 BOE/D and 1 Bcf/D Gas Processing Capacity
FIRST Exploration and Petroleum Development Company (FIRST E&P), a leading Nigerian independent oil and gas company, has unveiled ambitious growth targets for 2030.
The company is aiming to achieve 250,000 barrels of oil equivalent per day (BOE/D) in equity production and develop a robust midstream business with a gas processing and supply capacity of 1 billion standard cubic feet per day (Bcf/D).
The announcement was made on September 2 by Segun Owalabi, General Manager of Exploration and Development at FIRST E&P, during the “Unlocking Value in the Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters” session. The session, sponsored by FIRST E&P, took place ahead of the Angola Oil & Gas 2025 conference in Luanda.
“We have consistently delivered transformational milestones, driving growth through safety, speed, efficiency, and responsibility,” Owalabi stated.
Owalabi emphasized FIRST E&P’s strong execution capabilities, citing the successful development of the Anyala and Madu fields in the Niger Delta, which reached first oil just two years after the Final Investment Decision (FID).
The company has also tripled its petroleum reserves in recent years, supported by continued exploration, appraisal, and asset stewardship.
A key highlight is the discovery of 2 trillion standard cubic feet of gas at the Songhai field in March 2024.
“All of these assets are operated in Nigeria’s shallow waters,” Owalabi noted. “We chose this terrain as an entry point to unlock near-term value, de-risk future growth, and build operating credibility.”
The session also showcased FIRST E&P’s evolving integrated approach to oil and gas exploration. By leveraging cluster-based developments, the company aims to reduce unit development and operating costs, while accelerating value creation from marginal accumulations.
