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 Tanzanias 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 Ps chief strategy officer. He said the initial phase will involve a six-month study period, with an option to extend.