The Nigerian National Petroleum Company Limited has announced the commencement of oil production from Madu Field.
This was disclosed in a statement signed by the Chief Corporate Communications Officer, Olufemi Soneye on Friday via its X handle.
The Nigerian National Petroleum Company Limited and its Joint Venture partner First Exploration and Petroleum Development Company Limited, have started oil production from Madu Field.
The statement reads ” 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, also known as Madu Field.
In addition, this accomplishment is a testament to the commitment of President Bola Tinubu and his administration, to setting up an Investment-Friendly environment for both current and prospective investors, to optimize production from Nigeria’s oil and gas resources.
“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 nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.”
Commenting on the development, the Group Chief Executive Officer of NNPC Ltd., Mr. Mele Kyari, said “The commencement of oil production at the Madu Field is 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 commended stakeholders for their support and 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.
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.
