Nigeria's First EandP Eyes Gas Exploration in East Africa

Nigeria's First Exploration and Petroleum Development Co., a leading energy player in Africa, is expanding its footprint beyond its home market. The company has signed a deal with the Tanzania Petroleum Development Corp. to assess and potentially develop a gas block in southern Tanzania, as part of its strategy to diversify and grow its business. This move reflects the growing ambition of Nigerian energy companies to explore opportunities abroad, following the recent acquisitions of onshore and shallow water assets sold off by international oil majors.

Key Takeaways:

• First EandP has signed a deal with the Tanzania Petroleum Development Corp. to assess and potentially develop the Mnazi Bay North Block in southern Tanzania.
• The agreement's timeline for preliminary studies is six months, with an option to mutually extend.
• First EandP is part of a consortium that acquired Shell Plc's onshore assets for $1.3 billion in December.
• The company is raising funds and seeking investment partners to support growth.
• Nigerian energy companies are expanding abroad, following the acquisition of onshore and shallow water assets sold off by international oil majors.
• Oando Trading leased the Petrotrin oil refinery in Trinidad and Tobago, while Aiteo Group is proposing a 200,000 barrel-a-day refinery in Mozambique.
• Nigeria, Africa's biggest crude producer, is encouraging investment in gas production to support power generation and improve energy security.

Statistics:

• Nigeria produces an average of 57,000 barrels of oil a day.
• First EandP is part of a consortium that acquired Shell Plc's onshore assets for $1.3 billion in December.
• The company is aiming to grow its business through partnerships and investments.
• Tanzania's Mnazi Bay North Block is a significant gas reserve, with potential for large-scale development.

Sources:

• [Original Article, No date] [], "Nigeria's First EandP Eyes Gas Exploration in East Africa", [Publication], [URL]