The Nigerian National Petroleum Company Limited (NNPC Ltd.) 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.
Production from the asset, also known as Madu Field, which is located in shallow waters offshore Bayelsa and operated by First E&P is expected to be at an average of 20,000 barrels per day.
In a statement on Friday in Abuja, the Group Chief Executive Officer of NNPC Ltd., Malam Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone.
Kyari said the achievement was a testament to the commitment of President Bola Tinubu administrationโs to optimise production from the nationโs oil and gas assets through the provision of enabling environment for existing and prospective investors.
He said it would contribute to the larger goal of meeting the production required to drive revenue growth and boost the nationโs economy.
Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signalled the commitment of stakeholders to achieving economic development for Nigeria.
It will 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 Ltd/First E&P JV in 2018.
Production from the Madu Field would be processed at the JVโs Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, which has a crude oil storage capacity of up to 800,000bbls.(NAN)
