By JKNewsMedia Reporter
TOWARDS BOOSTING Nigeria’s upstream sector, Fidelity Bank Plc reaffirmed its commitment to indigenous participation in oil and gas, highlighting support for local operators and continued investment during Emadeb Energy’s first-oil presentation.
The event took place at Fidelity Place, the bank’s corporate headquarters in Lagos, where the bank highlighted its role in sustaining projects that contribute to national energy security.
According to the bank, its involvement formed part of a broader effort to assist local companies in developing assets capable of strengthening Nigeria’s oil and gas output.
Emadeb Energy’s Group Managing Director and Chief Executive Officer, Mr Adebowale Olujimi, used the occasion to acknowledge the bank’s contribution to the company’s journey.
He said Fidelity Bank distinguished itself by demonstrating readiness to engage with indigenous operators at early stages.
He also added that several lenders preferred to come in only after companies had achieved first oil, while Fidelity Bank adopted a different approach by evaluating Emadeb Energy’s proposals in detail.
Olujimi said the bank carried out legal, technical, financial and character assessments before deciding to support the company.
He explained that Emadeb Energy met the bank’s requirements, which enabled the partnership that contributed to the company’s progress.
He added that this willingness to take calculated risks made the bank unique among its peers, and he attributed part of the company’s milestone achievement to the bank’s intervention.
Fidelity Bank’s Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, OON, congratulated Emadeb Energy on its accomplishment and restated the bank’s commitment to strengthening Nigeria’s energy sector.
She also said the bank remained dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and encourage sustainable growth across the country.
She highlighted some of the bank’s interventions, including financing Nigeria’s first privately built and operated onshore crude export terminal in more than fifty years.
The terminal, located at the Otakikpo Marginal Field in Rivers State, forms part of the bank’s contribution to strengthening upstream infrastructure. According to her, the bank also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos.
She said the facility supports improved petroleum product distribution and reduces associated costs, adding that the bank had also part-financed the production of a 23,000-cubic-metre Liquefied Petroleum Gas carrier for Temile Development Company Limited. She explained that the project supported cleaner energy use and enhanced local maritime participation.
Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently recorded first oil from the Ibom Field.
The milestone, according to the company, represented an important breakthrough for indigenous operators in the country’s upstream industry.
During the presentation, the company described the achievement as a significant step in its development plans and part of its broader strategy to expand production capacity over the coming years.
Olujimi outlined the next phase of Emadeb Energy’s operational targets. He said the company planned to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026.
Also, he added that the company then intended to expand its gas business and raise oil output to 30,000 barrels per day.
He said the next stage would be an exciting period for the organisation as it worked toward achieving its projected milestones.
Fidelity Bank used the event to emphasise its long-term strategy of contributing to national energy development by working with local firms.
The bank reiterated that its support for Emadeb Energy aligned with its broader objective of helping indigenous companies play a greater role in the oil and gas sector.
It restated that such interventions were designed to promote sustainable growth and improve Nigeria’s energy-security outlook.
The gathering also enabled Emadeb Energy to highlight its plans for continued expansion.
The company noted that securing its initial output had reinforced its confidence in moving ahead with subsequent drilling activities, as well as its interest in increasing engagement within the gas segment.
It said the combination of expanded oil production and future growth in gas operations reflected its ambition to contribute more significantly to the sector.
Fidelity Bank maintained that its financing track record demonstrated the institution’s readiness to commit resources to projects that advance the country’s energy objectives.
By outlining examples of previous interventions, the bank said its support for Emadeb Energy formed part of a consistent pattern of involvement across strategic energy assets.
The bank stressed that indigenous capacity development remained central to its approach.
It also reiterated its intention to continue facilitating the growth of Nigerian operators in oil and gas, emphasising its support for Emadeb Energy symbolised ongoing efforts to strengthen national capacity and ensure that local companies had access to the financing required to achieve significant operational milestones.
The company, in turn, expressed confidence that its next development phase would progress as planned.
Emadeb Energy also noted that the combination of new wells, rising production targets and future gas expansion would shape its trajectory in the coming years.
It added that the achievement of first oil had set the foundation for reaching higher output levels and strengthening its presence in the upstream sector.
Both organisations reaffirmed their positions with Emadeb Energy emphasising the role of Fidelity Bank in enabling its progress, while the bank restated its commitment to supporting indigenous operators and contributing to national energy development.
They also referenced the importance of continued collaboration as Nigeria’s oil and gas industry pursued further milestones.
