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),…
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 Madu field.
A statement yesterday by the Chief Corporate Communications Officer, Olufemi O. Soneye, noted that 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.
“The achievement is a testament to the commitment of the President Bola Tinubu administration to optimise production from the country’s oil and gas assets through the provision of enabling environment for existing and prospective investors,” the statement noted.
Speaking on the development, the Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, described the commencement of oil production at the Madu field as a significant milestone that would contribute to the larger goal of meeting the production required to drive revenue growth and boost the country’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 signalled 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.
