FIRST Exploration & Petroleum Development Company

What FIRST Exploration & Petroleum Development Company does

FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) is a Nigerian indigenous upstream oil and gas exploration and production company founded in 2011 and headquartered in Ikoyi, Lagos. It operates primarily through a 60/40 joint venture with the Nigerian National Petroleum Company Limited (NNPC Ltd) across key shallow offshore assets PML 53, PML 54, OML 83, and OML 85 in the Niger Delta, with current JV production of approximately 57,000 barrels of oil per day (BOPD) targeted to scale to 100,000 BOPD. Core operations center on the Anyala and Madu fields, served by the Abigail-Joseph FPSO, which has executed 100+ crude cargo lifts and exported over 63.8 million barrels since the first lift in January 2021.

The company's revenue model is built on two enterprise streams: (i) crude oil produced and exported via FPSO offtake parcels (~650,000 barrels each) to international trading houses including Vitol, and (ii) natural gas supplied under a 10-year Gas Supply Agreement with Nigeria LNG Limited (NLNG) for 100 mmscf/d, scaling to 500+ MMscf/d from late 2026 onward. FIRST E&P's technical differentiators include locally fabricated Conductor Supported Platforms (CSPs) — a novel modular architecture for Nigerian shallow offshore — top-quartile drilling performance benchmarked against international oil companies, and an associated gas re-injection system achieving a 96% reduction in routine flaring. The company is privately held, with Vitol Group holding a 10% equity stake via Larny Investments, and participates in the Renaissance Consortium that completed the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC) in March 2025. Beyond Nigeria, FIRST E&P holds the Ghana Block GH WB 02 license and signed a July 2025 MoU with the Tanzania Petroleum Development Corporation to assess the Mnazi Bay North Block.

Name

FIRST Exploration & Petroleum Development Company

Legal name

FIRST Exploration & Petroleum Development Company Limited

Website

https://first-epdc.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

FIRST Exploration & Petroleum Development Company is a Nigerian indigenous upstream oil and gas producer operating a 60/40 JV with NNPC Ltd across PML 53/54 and OML 83/85, producing ~57,000 BOPD via the Abigail-Joseph FPSO and supplying gas to NLNG.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (211130), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industries

Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

Keywords

• Upstream oil production
• Natural gas supply
• Offshore exploration
• Crude oil exports
• Production sharing contracts

Headquarters

HQ city

Ikoyi

HQ country

Nigeria

HQ region

Africa

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Crude Oil Production and Export: FIRST E&P, through its NNPC Ltd joint venture (60% NNPC / 40% FIRST E&P), produces crude oil from the Anyala (OML 83) and Madu (OML 85) fields using the Abigail-Joseph FPSO. Crude oil is exported via offtake parcels to international trading houses. Current production is approximately 57,000 barrels of oil per day (BOPD), with a target of 100,000 BOPD. The company has exported over 63.8 million barrels since first lift in January 2021.
2. Gas Supply to NLNG: The NNPC/FIRST E&P JV signed a 10-year Gas Supply Agreement (GSA) with Nigeria LNG Limited (NLNG) for the delivery of 100 mmscf/d of feedgas to the NLNG plant on Bonny Island, with extension options. Supply is targeted to commence from PML 53 and PML 54 fields by late 2026, with volumes expected to grow to 500+ MMscf/d in subsequent phases.
3. Joint Venture Partnerships: FIRST E&P participates in multiple joint ventures including interests in OML 34 (via ND Western), OML 71, OML 72, and other production-sharing-contract assets. Revenue flows through production entitlements and cost oil recovery mechanisms under PSC arrangements.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

FIRST Exploration & Petroleum Development Company (FIRST E&P) is Nigeria's premier indigenous shallow offshore upstream oil and gas exploration, development and production company. Operating primarily through a 60/40 Joint Venture with NNPC Ltd across assets PML 53, PML 54, OML 83, and OML 85, the company produces crude oil (approximately 57,000 BOPD) from the Anyala and Madu fields via the Abigail-Joseph FPSO and supplies natural gas to NLNG under a long-term Gas Supply Agreement.

Product overview

FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) is a leading independent upstream oil and gas exploration and production company operating in Nigeria's shallow offshore region. The company operates a portfolio of producing assets including PML 53, PML 54, OML 83, and OML 85, with primary production from the Anyala and Madu fields. Core offerings include crude oil production (~57,000 BOPD) via the Abigail-Joseph FPSO and natural gas supply through a long-term agreement with NLNG. The company also operates associated gas re-injection systems and locally fabricated Conductor Supported Platforms (CSPs). Operations span drilling, well completion, well testing, and production, with strategic assets in the Niger Delta region and expansion interests in Ghana and Tanzania.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Production
• Natural Gas Supply

Quantifiable outcome

• Achieved first oil in October 2020 during COVID-19 pandemic with 3.8 million man-hours and zero LTIs
• +7 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered supporting, core and strategic expansion.

• MCS GroupsupportingOthers · 20 May 2026Emirati firm MCS Group has been appointed to support the installation of a 22-kilometer subsea pipeline as part of Nigeria's FIRST Integrated Gas Supply System (FIGSS) development. The project is a collaboration between MCS Group, Marine Platforms Limited, and FIRST E&P, with installation planned in the Niger Delta region.
• Nigerian Content Development and Monitoring Board (NCDMB)supportingOthers · 24 November 2025NCDMB partnered with FIRST E&P and Renaissance Africa Energy Company to launch the Nigerian Engineering Olympiad (NEO) in November 2025, a national engineering competition for final-year and postgraduate students designed to address Nigeria's engineering skills gap. Applications opened 20 November 2025; grand finale scheduled 11 April 2026. NCDMB also collaborates on digital education programs and other community initiatives.
• Enactus NigeriasupportingOthers · 1 November 2025Enactus Nigeria is the implementing partner for the Nigerian Engineering Olympiad (NEO), a nationwide engineering innovation initiative launched by NCDMB in partnership with Renaissance Africa Energy Company and FIRST E&P. The program supports engineering students to develop innovative solutions with mentorship, prototyping funding, and pathways to commercialisation.
• Nigeria LNG Limited (NLNG)coreStrategic or Co-development Partner · 22 August 2025The NNPC/FIRST E&P JV signed a 10-year Gas Supply Agreement (GSA) with NLNG for delivery of 100 mmscf/d of feedgas to the NLNG plant on Bonny Island, with extension options. The agreement took over a year of dedicated collaboration to conclude and represents a landmark milestone in Nigeria's gas sector. Supply targeted to commence late 2026, scaling to 500+ MMscf/d in subsequent phases.
• Tanzania Petroleum Development Corporation (TPDC)strategic expansionStrategic or Co-development Partner · 18 July 2025FIRST E&P signed a MoU with TPDC for the technical assessment and potential development of the Mnazi Bay North Block in southern Tanzania. FIRST E&P is fully funding the assessment phase. The ultimate objective is to advance to a license agreement and develop the opportunity into a world-class producing asset, advancing regional energy security in Sub-Saharan Africa.
• Renaissance Africa Energy Company Limited ConsortiumcoreStrategic or Co-development Partner · 14 March 2025The Renaissance Consortium — comprising FIRST E&P, ND Western, Aradel Energy, Waltersmith, and Petrolin — completed the landmark $2.4 billion acquisition of the Shell Petroleum Development Company of Nigeria (SPDC) from Shell, TotalEnergies, and ENI in March 2025. This represents a historic milestone in indigenous participation in Nigeria's upstream sector.
• Baker HughessupportingTechnology or Integration · 5 March 2025Baker Hughes, an energy technology company, entered an agreement with the NNPC Ltd/FIRST E&P JV to deploy the Leucipa automated field production solution in the Niger Delta. Leucipa automates field production operations, improving efficiency and reliability of the JV's upstream production.
• Nigerian Conservation Foundation (NCF)supportingStrategic or Co-development Partner · 19 September 2024The NNPC Ltd/FIRST E&P JV partnered with NCF to launch the ALEC Initiative (Afforestation, Livelihood Enhancement, and Carbon Sequestration), targeting the planting of 500,000 trees over 5 years in 11 littoral communities in Bayelsa State. The initiative aims to combat deforestation, restore mangrove and tropical forest habitats, and sequester carbon while enhancing local livelihoods.
• Dangote Industries LimitedsupportingStrategic or Co-development Partner · 1 January 2018Dangote Industries Limited is referenced as a strategic partner in FIRST E&P's portfolio strategy, reflecting a collaboration aimed at diversifying the energy portfolio. Dangote's nearby Dangote Refinery creates potential synergies for domestic crude processing and gas supply.
• NNPC Ltd (Nigerian National Petroleum Company Limited)coreStrategic or Co-development Partner · 1 January 2011NNPC Ltd is the primary 60% joint venture partner with FIRST E&P (40%) across PML 53, PML 54, OML 83, and OML 85. The JV manages all upstream production activities including crude oil exports and gas supply. NNPC also holds majority interest in the FIGSS gas development project. This is the company's core operating partnership underpinning all production.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• ND Western Limited: Nigerian upstream E&P focused on onshore Niger Delta assets including OML 34. Direct peer as Renaissance Consortium co-acquirer of SPDC with shared JV model with NNPC and similar shallow-water production profile.
• Oando Energy Resources: Nigerian integrated energy company with upstream production in Nigeria and Equatorial Guinea and midstream/downstream assets. Comparable indigenous upstream footprint and NLNG-area gas value-chain positioning, with broader downstream integration than FIRST E&P.
• Seplat Energy: Leading Nigerian indigenous independent upstream operator with onshore oil and gas production and midstream gas processing (ANOH). Comparable in indigenous upstream positioning, gas monetization strategy (NLNG feedgas supply), and IOC-veteran leadership — the GM of Integrated Gas Development at FIRST E&P joined from Seplat.
• Waltersmith Petroman Oil: Nigerian indigenous independent upstream producer operating Ibigwe field and modular refinery. Direct peer as Renaissance Consortium partner in the $2.4B SPDC acquisition, with similar indigenous-E&P positioning and growing midstream exposure.
• Aradel Energy: Nigerian indigenous independent upstream E&P producing oil and gas onshore/offshore. Direct peer as Renaissance Consortium partner in the $2.4B SPDC acquisition with overlapping asset class, customer base (NNPC, NLNG, trading houses), and Nigerian Content positioning.

Broad incumbents

• Shell Petroleum Development Company of Nigeria (SPDC): Major IOC upstream JV historically operating Nigeria's largest onshore/shallow-water oil portfolio. Recently acquired by the Renaissance Consortium including FIRST E&P for $2.4B; comparable in terms of asset class (shallow offshore Niger Delta) and customer mix, but substantially larger legacy scale.
• Nigerian National Petroleum Company (NNPC Ltd): Nigeria's national oil company, 60% majority JV partner in all of FIRST E&P's core producing and development assets. Comparable as upstream operator and broader state energy incumbent — not a competitor per se, but the structural counterparty that defines FIRST E&P's operating model and asset access.
• TotalEnergies EP Nigeria: Major IOC divesting Nigerian upstream interests (former SPDC co-shareholder). Operates comparable shallow offshore production and has historically been a counterparty in the same JV structures FIRST E&P now participates in via the Renaissance Consortium.

Others

• Vitol Group: Global energy trading house, 10% shareholder in FIRST E&P via Larny Investments, and named crude offtake trading partner for Abigail-Joseph FPSO cargoes. Thematically linked as financial partner and offtake customer; not an upstream competitor but a key commercial counterparty in the value chain.

Emerging players

• Oranto Petroleum International: Africa-focused independent upstream operator with assets across multiple West and Central African countries. Comparable in scope of regional ambition and indigenous-operator positioning across Africa, with overlapping interest in cross-border African upstream consolidation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/FIRST-EP-100067085940185

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FIRST Exploration & Petroleum Development Company