Niger Delta Exploration & Production Plc (NDEP) is Nigeria’s first integrated oil and gas investment company.
Founding Chairman, Late Chief Godwin Aret Adams, a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), and other highly respected professionals came together to initiate a truly indigenous public oil company.
Using a skilled team and efficient operations, we pioneered the development of small and medium-sized oil and gas fields in Nigeria and have moved on to bigger projects.
The share ownership of our publicly-owned company continues to grow as we look for new ways to expand and serve Nigerian markets and communities. Thus, the vision of late Chief Aret Adams has been realized.
We retrace some notable moments in our company’s history.
Incorporation
NDEP was incorporated on March 25, 1992 (as the Midas Drilling Fund) and assumed its current name in November 1996. The vision of the company’s founding fathers was to create a vehicle that would afford ordinary Nigerians the opportunity to participate in and benefit from the country’s oil and gas industry. Although not yet listed on the Nigerian Stock Exchange, NDEP’s shareholders number in excess of 700, and come from every geo-political zone in the country.
Acquiring interests in Ogbele Oil Field
Pursuant to a Farm-Out Agreement dated August 7, 2000 between the NNPC Chevron JV and NDPR, the company acquired the beneficial interests in the Ogbele marginal oil field lying within the old and now relinquished OML 54.
First Oil
With funds from its initial shareholders and a loan from a local bank (Intercontinental Bank Plc), the company commenced field development operations in 2004 utilizing not just local capital, but also deploying indigenous oil production services from local contractors. It achieved first oil on August 28th 2005, and has successfully produced, without any host community induced interruptions, over 16 Million barrels of crude oil from the ten wells it has drilled so far.
Developments in Sub Saharan Africa
NDEP is constantly seeking avenues to increase production, share its expertise and build partnerships within the oil and gas industry. On October 11, 2013, NDPR executed an MOU to establish a Strategic Partnership with the State National Oil Company of South Sudan, Nile Petroleum Corporaffirion (NILEPET). The MOU formalized the ongoing relationship between NDPR and the NILEPET which has shared technical expertise and encompassed mutual visits, including an inspection of NDPR’s operational facilities in Ogbele, Port Harcourt. We are currently negotiating joint ventures and are on our way to becoming an international integrated oil and gas company.
Today NDEP is a leading oil and gas investment company. With its fully owned subsidiary (NDPR), the company remains Nigeria’s foremost indigenous and independent operator of small to medium sized fields.