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Nigerian energy company First Exploration and Petroleum Development Co., founded by Ademola Adeyemi-Bero, is reportedly expanding its footprint beyond West Africa.
According to a report by Bloomberg, the company recently signed a deal to explore natural gas in Tanzania’s Mnazi Bay North Block, near the gas-rich border with Mozambique.
The move highlights a broader shift among Nigerian oil and gas players, many of which are looking outside their home market for growth opportunities following a wave of asset divestments by international majors.
First E&P, which produces about 57,000 barrels of oil per day, signed a memorandum of understanding last month with the Tanzania Petroleum Development Corp. to begin a technical assessment of the block.
“This is an opportunity both sides are very keen to move on quickly,” said George Toriola, First E&P’s chief strategy officer. He said the initial phase will involve a six-month study period, with an option to extend.
The Mnazi Bay North Block sits just north of fields in Mozambique where vast gas reserves have already been discovered. If successful, this could mark one of First E&P’s first major natural gas developments outside Nigeria.
The company joins a small but growing group of Nigerian energy firms exploring new frontiers. The trend follows a series of acquisitions of onshore and shallow water assets formerly owned by Shell and other international oil companies.
In the downstream sector, Oando Trading was selected earlier this year by Trinidad Petroleum Holdings Ltd. to lease and potentially restart operations at the Petrotrin refinery in Trinidad and Tobago. Meanwhile, Nigerian billionaire Benedict Peters, through his firm Aiteo Group, is proposing a 200,000 barrel-per-day refinery project in Mozambique.
First E&P is also part of a consortium that acquired Shell Plc’s Nigerian onshore oil assets for $1.3 billion in December 2024. The company’s CEO, Ademola Adeyemi-Bero, said First E&P is actively seeking financing and strategic partners to support its expansion goals.
“We have visibility as to how to access the capital required for growth,” Adeyemi-Bero said. “We are open to discussions.”
