First E&P’s entry into Tanzania’s Mnazi Bay North Block (MBNB) is the company’s second foray into a jurisdiction outside Nigeria, its home country. Prior to signing an MoU with the Tanzania Petroleum Development Company, to assess the potentials of MBNB, the company had been in negotiation with Ghana National Petroleum Corporation (GNPC), trying to complete the Petroleum agreement on Block GH_WB_02m since 2019.
These interests place First E&P among a few select Nigerian independents.
For, despite the fact that they have a large appetite for acquiring E&P assets and they control over 60% of crude oil and gas production in their own country, Nigerian indies hardly acquire assets outside Nigeria.
And when they do, it almost, always doesn’t work out.
Lekoil is a Nigerian company whose first exploration licence was in Namibia.
