NCDMB to Support First E&P Ramp Crude Oil Production

By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) has said it will support an indigenous oil firm, First Exploration and Production Development Company Limited to ramp up crude oil production.

Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, gave the assurance when he received the management and staff of First E&P Company Limited led by the Managing Director, Mr Ademola Adeyemi-Bero.

Mr Ogbe assured the team of the Board’s continual support of the company to see them ramp up production.

The company has a 40,000 barrels of oil per day (bopd) production plateau attained since the first quarter of 2021. It will be aiming to increase this as the country seeks to boost production to 1.8 million barrels per day.

On his part, the Managing Director of First E&P Company Ltd, Mr Demola Adeyemi-Bero, presented to the NCDMB its completed, ongoing and yet-to-be-executed projects of the company as well as its host community’s development trusts (HCDT) achievements.

First E&P Company Ltd, an indigenous oil-producing firm chaired by a former Minister of State for Petroleum Resources, Mr Odein Ajumogobia, is the operator of OML 83, OML 85, OML71 and OML 72 in a joint venture with NNPC Ltd.

It is a member of the Renaissance consortium which acquired the Shell Petroleum Development Company of Nigeria Limited (SPDC).

In a landmark transaction, the Renaissance consortium which consists of ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST E&P, and the Waltersmith Group, in February successfully signed a landmark agreement with Shell to acquire its entire shareholding in SPDC.

Completion of the transaction is still ongoing due to the requisite regulatory approvals.

This acquisition stands as a significant milestone for Renaissance, solidifying its strategic position in the Nigerian market.