Fidelity Bank Plc has reiterated its dedication to bolstering Nigeria’s oil and gas sector, emphasizing strong support for local operators. The announcement was made by the bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, during a first oil celebration event for Emadeb Energy held at the bank’s Lagos headquarters.
During the event, Emadeb Energy’s CEO, Mr. Adebowale Olujimi, acknowledged the bank’s pivotal role in facilitating the company’s journey to first oil, highlighting Fidelity Bank’s willingness to engage with high-risk projects.
Dr. Onyeali-Ikpe expressed her pride in Nigeria’s energy sector progress and reaffirmed Fidelity Bank’s ongoing support for indigenous firms in developing vital oil and gas assets, which are crucial for energy security and economic growth.
She highlighted the bank’s involvement in financing Nigeria’s first privately operated onshore crude export terminal in over five decades, located at the Otakikpo Marginal Field, as well as funding key infrastructure projects like the Pinnacle Oil and Gas Terminal in Lagos. Additionally, she noted support for cleaner energy initiatives through the part-financing of a Liquefied Petroleum Gas carrier for Temile Development Company Limited.
Emadeb Petroleum Exploration and Production, operator of PPL 236, recently marked a significant milestone by producing the first oil from the Ibom Field, a breakthrough in Nigeria’s upstream industry.
Looking ahead, Olujimi shared plans to drill two more wells, increase production to 12,000 barrels per day by 2026, and expand the gas segment, with a target of reaching 30,000 barrels daily.
