Adedapo Adesanya
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited and its Joint Venture partner in Operating Mining Lease OML 85, First Exploration and Petroleum Development Company Limited (First E&P), 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.
According to a statement released by Mr Olufemi Soneye, the Chief Corporate Communications Officer of the state-owned oil company on Friday, the achievement is 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 Limited, Mr Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that will contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy.
Mr 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 (FID) on the development of the Madu Field and a sister field, Anyala, was taken by the NNPC Limited and 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 (FPSO) Unit, which has a crude oil storage capacity of up to 800,000 barrels of oil.
