The Nigerian National Petroleum Company Limited and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited have commenced oil production from the asset, also known as Madu Field.
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.
This was contained in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, on Friday.
Speaking on the development, the NNPCL Group Chief Executive Officer, 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.
According to him, the achievement was a testament to the commitment of President Bola Tinubu’s administration to optimise production from the nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.
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.
It would be recalled that the Final Investment Decision 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 will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading Unit, which has a crude oil storage capacity of up to 800,000 bbls.
