Financial Energy Review
Niger Delta Exploration & Production Plc, the pioneer of indigenous upstream oil & gas production firm in country, has listed several milestones in the sector since it struck its first oil from its Ogbele Marginal field in Rivers State. In a virtual event, which was attended by a cross section of the firm’s stakeholders.
The Managing Director, Dr. ‘Layi Fatona, recounted the considerable challenges encountered by the company in its quest to pioneer indigenous upstream activities in Nigeria.
According to him, it is a milestone to be the first indegous company to get involve in upstream activities. “I am proud of such as we achieved that together as a company. We did not get here by chance. We got here because we believed it could be done. We shared the common dream that first an indigenous oil company was possible. Next, we put in much work to make it happen” he said.
Since that first production of crude oil from its Ogbele field in 2005, NDEP has evolved into a foremost integrated Energy Company that has pioneered the development of marginal fields in the country.
A former Chairman of the Board of Directors of the Company, Ogbueshi Ben Osuno, in his remarks, recalled some of the key challenges NDEP faced at the inception of operations which included securing Presidential approval to operate the field, attracting investors to fund the field development project as well as getting a drilling company to work with even after agreeing to pay a higher sum for the job.
Another former Chairman of the Company Board of Directors, Mr. Goodie Ibru, said, “The remarkable thing about NDEP is that it is not just producing crude oil and exporting, it is adding value to the Nigerian Economy. It has become an integrated oil and gas company. It has a mini refinery; it has a gas plant, and this translates to the creation of job opportunities for the youths
