The Nigerian National Petroleum Company Limited, NNPCL, and its joint venture partner in OML 85, First Exploration and Petroleum Development Company Limited, First E&P, have revealed that it has commenced oil production from Madu Field.
In a statement signed by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, it was revealed that production from the field, located in the 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 stated that the achievement was a testament to the commitment of the President Bola Tinubu’s administration to optimize production from the nation’s oil and gas assets by the provision of an enabling environment for existing and prospective investors.
As captured in the statement, NNPCL Group Chief Executive Officer, Mele Kyari, referred to the commencement of oil production at the Madu Field as a significant milestone that would contribute to the larger goal of meeting the output required to drive revenue growth and boost the nation’s economy.
Kyari, while commending stakeholders for their support, further revealed that the addition of 20,000 barrels per day by an indigenous oil player showcased the commitment of stakeholders towards achieving economic development for the country.
MaaziTV recalls that the final investment decision on the development of the Madu Field and a sister field, Anyala, was taken by NNPCL and First E&P 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 bbls,” Soneye stated.