FIRST E&P Eyes 250,000 Barrels Per Day Oil, 1bcf/f Gas Production by 2030

Peter Uzoho 

Nigerian independent energy company, FIRST Exploration and Petroleum Development Company Limited has announced plans to increase its oil production to 250,000 barrels per day (bpd) by 2030.

The Ademola Adeyemi-Bero-owned company is also preparing a fully developed midstream gas business and is targeting 1 billion standard cubic feet per day (1bscf/d) of gas processing and supply capacity by the end of the decade.

The General Manager, Exploration and Development, FIRST E&P, Segun Owalabi, made the announcement during a pre-conference at the Angola Oil & Gas 2025 in Luanda. 

The session sponsored by FIRST E&P, focused on ‘Unlocking Value in the Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters session’.

“We have consistently delivered transformational milestones, driving growth through safety, speed, efficiency and responsibility,” Owalabi stated.

During the presentation, Owalabi highlighted the successful execution of the company’s flagship Anyala and Madu fields in the Niger Delta, which were delivered to first oil within two years of Final Investment Decision (FID).

Through continued exploration, appraisal and asset stewardship, FIRST E&P has tripled its petroleum reserves, which was also supported by a recent 2-trillion-standard-cubic-feet gas discovery at the Songhai field in March this year. 

“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 concluded. 

The session also detailed FIRST E&P’s evolving approach to integrated oil and gas exploration, which reduces unit development and operating costs while accelerating value realisation from marginal accumulations.