Nigerian independent oil and gas company, FIRST Exploration and Petroleum Development Company (FIRST E&P), has announced a target to achieve 250,000 barrels of oil equivalent per day (boe/d) by 2030. Concurrently, the company is preparing to develop a fully integrated gas midstream business, targeting a capacity of 1 billion standard cubic feet per day (bscf/d) for gas processing and supply.
The announcement was made on September 2 by Segun Owalabi, Managing Director of Exploration and Development at FIRST E&P, during the session “Unlocking Value in Shallow Water: From Exploration Success to Cluster-Based Development in Nigeria’s Shallow Waters” – sponsored by the company – as part of the pre-conference events for Angola Oil & Gas 2025 in Luanda.
“We have been consistently achieving transformative milestones, driving growth through safety, speed, efficiency, and responsibility,” stated Owalabi.
In his presentation, the executive highlighted the successful execution of the flagship Anyala and Madu fields in the Niger Delta, which achieved first oil just two years after the Final Investment Decision. Through continuous exploration, appraisal, and asset management, FIRST E&P has tripled its oil reserves, further supported by a recent 2 trillion cubic feet (tcf) gas discovery in the Songhai field this March.
“Currently, we operate all these assets in shallow waters. We chose Nigeria’s shallow offshore as our entry point to unlock value in the short term, reduce the risk associated with future growth, and consolidate operational credibility,” concluded Owalabi.
The session also highlighted FIRST E&P’s evolutionary approach to integrated oil and gas exploration, which helps reduce development and operating costs while accelerating value creation from marginal accumulations.
