Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the Madu Field, located in OML 85, in shallow waters offshore Bayelsa State, with an expected daily output of 20,000 barrels per day.
Olufemi Soneye, NNPCL Chief Corporate Communications Officer, made this known in a statement released and obtained by Advisors Reports on Friday,
According to the statement First E&P, operates production from the field, on behalf of the NNPC/FIRST E&P Joint Venture.
NNPCL disclosed that 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 enabling environment for existing and prospective investors.
Mr. Mele Kyari, Group Chief Executive Officer of NNPC Ltd, in his comment on the development, 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.
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 Ltd/First E&P JV in 2018.
NNPCL further confirmed that the 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 800,000bbls.
The field contain significant reserves amount of oil and gas.
