First Exploration and Petroleum Development Company (First E&P), a Nigerian upstream oil and gas firm, has cemented its place as a formidable player in the energy sector.
Over the last decade, the company has not only navigated a complex and often volatile industry but has thrived, showcasing resilience, innovation, and strategic foresight.
This success story is one of deliberate choices, leadership excellence, and a commitment to creating value in Nigeria’s oil and gas landscape.
The birth of a visionary player
Founded in 2011, First E&P entered the energy market with a bold vision: to be a leading upstream oil and gas company committed to maximising the value of Nigeria’s hydrocarbon resources.
While many indigenous firms aimed for quick returns, First E&P pursued a more sustainable, long-term approach. With a focus on exploration, development, and production, the company sought to fill a critical gap in Nigeria’s upstream sector: building indigenous capacity while ensuring world-class standards.
The timing of its establishment was significant.
The Nigerian-focused independents have been active in picking up assets from the Majors since the early 2010s as Nigeria implemented local content policies aimed at fostering indigenous participation in the oil and gas industry.
However, the majority of this peer group has struggled to unlock value from the acquired portfolios. A combination of onshore evacuation challenges, difficulty with accessing financing and limited operational capabilities have hampered development plans.
For First E & P, the story is different.
The company has benefited from its leadership’s deep understanding of the energy sector to develop its assets thanks to experienced executives who had previously held key roles in international oil companies (IOCs) and global energy firms.
Assets developments
From the outset, First E&P understood that collaboration would be critical to its success.
In 2015, FIRST E&P acquired a 40 percent working interest in OMLs 83 and 85, home to the Anyala Madu Songhai and other discovered fields and prospects situated in the shallow waters of the Niger Delta, with depths ranging from 10 to 60 meters.
OMLs 83 and 85, operated through a Joint Venture with NNPC, contain the Anyala and Madu fields. These fields represent some of Nigeria’s most promising shallow-water reserves, with estimated recoverable resources of over 350 million barrels of oil equivalent.
First E&P’s technical and operational strategies on these assets have been nothing short of groundbreaking.
In 2020 during the peak of the COVID-19 pandemic, the company achieved a significant milestone when it commenced production from the Anyala Field, a testament to First E&P’s ability to deliver complex projects despite industry challenges, including global pandemic and fluctuating oil prices.
Serving as the operator for both assets, FIRST E&P played a pivotal role in developing the fields, resulting in a combined daily production of approximately 60,000 barrels from Anyala and Madu fields only.
Heineken Lokpobiri, minister of state for petroleum resources (oil) said the FPSO is on track to achieve 70,000 bpd in the near-term — with plans to scale up to 100,000 bpd.
“First E&P’s technical and operational strategies on these assets have been nothing short of groundbreaking.”
“I’m also happy to hear that First E$P and the partners are now embarking on a drilling campaign of about 23 wells and you know what that means,” Lokpobiri said.
OML 34
In 2012, FIRST E&P secured a 4.5 percent interest in OML 34, located in the Onshore Niger Delta in Delta State.
This 4.5 percent interest is held by a wholly-owned subsidiary of FIRST E&P, namely FIRST Exploration & Petroleum Development OML 34 Limited. This subsidiary, in turn, holds a 10 percent shareholding in ND Western Limited, which holds a 45 percent participating interest in OML 34.
OML 34 is a substantial oil mining lease currently engaged in the production of oil, condensate, and gas, catering to vital domestic gas markets in Nigeria and the broader West African region.
The asset comprises three active Oil and Gas producing fields: Utorogu, Ughelli West, and Ughelli East, along with two non-producing fields, Warri-River & Effurun and many yet to be drilled prospects.
Presently, the average production from block OML 34 stands at approximately 17,000 barrels of oil per day (kbopd) and 400 million standard cubic feet per day (Mscfd). However, plans are in place to significantly increase production, targeting a plateau production level of 60 kbopd and 550 Mscfd.
OML 71 & 72
In 2015, FIRST E&P acquired a 6.75 percent indirect participating interest in OMLs 71 & 72. This interest was obtained through FIRST E&P’s 15 percent shareholding in West African Exploration and Production Company Limited (WAEP), which holds a 45 percent participating interest in both assets.
These assets are located in the shallow offshore region, south of Bonny, Rivers State, with water depths ranging from 15 to 55 meters.
OML 72 encompasses seven many fields: Kalaekule, KD, Koronama, Kugbe, KL, KQ, and Kappa, while OML 71 includes KI and KI South. Previous operations by a different operator saw peak output from the Kalaekule field in OML 72 reached 22,000 barrels per day between 1986 and 2002, before production ceased.
Under the current operator, WAEP, first oil from these assets is anticipated to be achieved in Q2 2024 through an ongoing re-entry project in the Kalaekule field.
Leadership
Ademola Adeyemi-Bero
A critical factor behind First E&P’s success is its leadership. The company’s management team, led by CEO Ademola Adeyemi-Bero, has been instrumental in setting a clear vision and executing strategies that align with Nigeria’s broader energy goals.
With decades of combined experience in both local and international oil and gas markets, the leadership team has steered First E&P through turbulent periods while maintaining a focus on growth.
Before embarking on the entrepreneurial journey, Adeyemi-Bero spent 5 years with British Gas Exploration and Production Company Nigeria as President/Managing Director with responsibility for the Integrated Gas, Exploration & Production businesses of the British Gas Group in Nigeria.
Adeyemi-Bero also spent 20 years with Shell, where he occupied several significant roles in several countries. His roles in Shell included Business Director / Board Executive of Shell Petroleum Development Company Nigeria Limited (SPDC) and Vice President – New Business Development in Africa within Shell International E&P.
Sustainability and community engagement
Beyond profitability, First E&P is committed to sustainability and social responsibility. The company has implemented various initiatives aimed at improving the lives of its host communities. These include educational scholarships, healthcare programs, and infrastructure development projects.
In line with global sustainability trends, First E&P is also exploring ways to reduce its carbon footprint. While the oil and gas industry faces increasing scrutiny for its environmental impact, the company is proactively seeking to integrate cleaner technologies and adopt greener practices.
Challenges and the road ahead
Like all companies in the oil and gas sector, First E&P faces its share of challenges. These include fluctuating global oil prices, regulatory uncertainties, and the ongoing transition to renewable energy sources.
However, the company’s proactive approach to risk management and its focus on diversification position it well to weather these storms.
Looking ahead, First E&P aims to expand its portfolio and increase production capacity.
BusinessDay’s findings showed the First E&P is part of the Renaissance consortium comprising some of Nigeria’s most respected upstream companies such as ND Western, Aradel Energy, First E&P, and Waltersmith seeking to acquire Shell’s onshore oil and gas assets in Nigeria.
The company is also exploring partnerships in the development of gas resources, aligning with Nigeria’s “Decade of Gas” initiative, which seeks to harness the country’s vast gas reserves for economic growth and energy security.
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