First E&P Expands African Footprint with Tanzania Gas Exploration Deal
Nigeria’s First Exploration and Petroleum Development Co. is venturing into East African gas exploration, reflecting a broader trend of Nigerian energy companies expanding beyond their home market. The company signed a technical assessment agreement with Tanzania Petroleum Development Corp. for the potential development of the Mnazi Bay North Block in southern Tanzania, strategically located near fields where vast gas reserves have been discovered in Mozambique.
Chief Strategy Officer George Toriola indicated that the preliminary studies timeline is six months with an option for mutual extension, emphasizing both parties’ eagerness to proceed quickly. First E&P, which currently produces an average of 57,000 barrels of oil per day, joins other Nigerian energy firms seeking international growth opportunities following recent acquisitions of assets sold by international oil majors.
The expansion aligns with Nigeria’s push to encourage investment in gas production to support power generation and improve energy security in a nation where millions lack reliable electricity access.
Source: worldoil.com
