First E&P sets bold production and gas targets for 2030
Nigerian independent oil and gas company First Exploration and Petroleum Development Company (First E&P) has unveiled ambitious growth plans, targeting 250,000 barrels of oil equivalent per day (boepd) in equity production by 2030. The company also aims to establish a fully developed midstream gas business with a processing and supply capacity of 1 billion standard cubic feet per day (scfd).
The announcement was made on September 2 by Segun Owalabi, General Manager–Exploration and Development at First E&P, during the session Unlocking Value in the Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters. The discussion, sponsored by First E&P, took place at a pre-conference event ahead of Angola Oil & Gas 2025 in Luanda.
Delivering milestones in record time
Owalabi emphasized the company’s rapid execution and efficiency. “We have consistently delivered transformational milestones, driving growth through safety, speed, efficiency and responsibility,” he said.
He pointed to the successful rollout of First E&P’s flagship Anyala and Madu fields in the Niger Delta, which achieved first oil within just two years of Final Investment Decision. This achievement has positioned the company as a leading independent player in Nigeria’s offshore sector.
Expanding reserves and future vision
Through sustained exploration, appraisal, and asset management, First E&P has already tripled its petroleum reserves. This progress was boosted by a 2-trillion-standard-cubic-feet gas discovery at the Songhai field in March 2025.
“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 added.
The company’s strategy also includes an evolving integrated approach to oil and gas exploration. This model is designed to reduce unit development and operating costs while accelerating value realization from marginal accumulations.
