The Nigerian National Petroleum Company Limited (NNPC) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset, also known as Madu Field.
Its Chief Corporate Communications Officer, Olufemi Soneye, in a statement issued Friday revealed that production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at an average of 20,000 barrels per day.
He said the achievement was a testament to the commitment of the President Bola Tinubu administration to optimise production from the nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.
Speaking on the development, the Group Chief Executive Officer of NNPC, Mr. Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that would contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy.
Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to achieving economic development for Nigeria.
TheHintsNews reports that the Final Investment Decision (FID) on the development of the Madu Field and a sister field, Anyala, was taken by the NNPC Ltd./First E&P JV in 2018.
Production from the Madu Field would be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, which has a crude oil storage capacity of up to 800,000 bbls.