The brain behind Nigeria’s first fully integrated oil, gas developed asset

The Ogbele oil and gas field, an investment wholly owned by Niger Delta Petroleum Resources plc (NDPR), the operating company for Niger Delta Exploration and Production plc (NDEP) has been transformed from a marginal oil field to Nigeria’s first fully integrated oil and gas developed asset, thanks largely to a man who was part of the founding team of NDEP.

‘Layi Fatona, who has been the managing director of the company since inception, has led the NDEP team in achieving many remarkable and pioneering achievements.

The Petroleum geologist with over 35 years of practice, NDPR has progressed since its modest beginnings and how, in a relatively short period of time, it has made the transition from a fledgling to an established company, with an enviable track record of innovative firsts.

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In 1996, a Farm-Out Agreement (FOA) was negotiated purely on commercial terms, the first of such in Nigeria, between NDPR and the NNPC/Chevron Joint Venture. In August 2000, the FOA was signed, which granted NDPR the beneficial interest for the Ogbele marginal oil field, located within OML 54, Rivers State.

The FOA was the first of such in the history of the Nigerian petroleum industry, in effect making NDEP the pioneering force in the independent acquisition of marginal oil field assets (by home-grown Nigerian oil companies) as it became the first indigenous publicly owned oil company to pioneer a FOA and produce a marginal oil and gas field, which paved the way for other operators to follow.

The company achieved its first oil in August 2005 and more recently, attained cumulative net oil production of five million barrels in June 2010.

Since NDPR began production in 2005, it has progressed from an asset owner to an asset producer and has now achieved the unique status of being an integrated, independent Nigerian oil and gas operating company.