The Nigerian National Petroleum Company (NNPC) Limited and its joint venture partner in oil mining lease (OML) 85, First Exploration and Petroleum Development Company Limited (First E&P) have commenced oil production from the asset, also known as Madu field.
According to a statement on Friday by NNPC, output from the asset, also known as Madu field — located in shallow waters offshore Bayelsa state and operated by First E&P — is estimated to average 20,000 barrels per day (bpd).
NNPC said the achievement is a testament to the commitment of President Bola Tinubu’s administration to optimise production from the nation’s oil and gas assets by creating a conducive environment for investors.
Speaking on the development, Mele Kyari, group chief executive officer of NNPC, described the commencement of oil production at the Madu field as a significant milestone.
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He said it will contribute to the larger goal of meeting the requisite production for revenue growth and to boost the nation’s economy.
Kyari said the addition of 20,000 barrels per day by an indigenous oil player demonstrates stakeholders’ commitment to achieving economic development for Nigeria.
According to the company, 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 above 800,000 barrels of crude oil.
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In 2018, 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.
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