The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), have initiated oil production from OML 85, commonly referred to as the Madu Field,Energy News Africa reports.
Situated in the shallow waters offshore Bayelsa State and operated by First E&P, the field is anticipated to yield an average of 20,000 barrels per day.
This accomplishment underscores the dedication of the administration led by President Bola Tinubu to maximize production from the country’s oil and gas reservoirs by fostering a conducive investment climate for both current and prospective stakeholders.
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Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd., hailed the commencement of oil production at the Madu Field as a significant achievement contributing to the broader objective of enhancing revenue generation and stimulating economic growth in the nation.
Kyari lauded the collective efforts of stakeholders and emphasized that the addition of 20,000 barrels per day by a local oil player reflects the commitment of all involved parties to Nigeria’s economic advancement.
It’s worth noting that the Final Investment Decision (FID) for the development of the Madu Field and its counterpart, Anyala, was made by the NNPC Ltd./First E&P JV in 2018.
Oil extracted from the Madu Field will undergo processing at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, boasting a crude oil storage capacity of up to 800,000 barrels.
