Oil production has started at OML 85, also known as Madu Field, by the Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited.
Located in shallow waters offshore Bayelsa State, the field is operated by First E&P and is anticipated to yield an average of 20,000 barrels per day.
In a statement released on Friday by Olufemi Soneye, the Chief Corporate Communications Officer at NNPCL, it was confirmed that production has commenced.
Mr. Mele Kyari, the Group Chief Executive Officer of NNPCL, expressed great satisfaction with the start of oil production at the Madu Field, emphasizing its significance in reaching production goals to stimulate revenue growth and enhance the country’s economy.
Kyari credited President Bola Tinubu’s administration for creating an enabling business environment that optimizes oil and gas production from the nation’s assets, showing commitment to attracting investments and maximizing output.
He acknowledged the support from stakeholders and highlighted the symbolic importance of an indigenous oil player contributing an additional 20,000 barrels per day towards Nigeria’s economic growth.
It is noteworthy that the decision to develop the Madu Field and its counterpart, Anyala, was made by the NNPC Ltd./First E&P JV back in 2018.
The oil extracted from the Madu Field will be processed at the Abigail-Joseph Floating Production Storage and Offloading Unit owned by the JV, with a capacity to store up to 800,000 barrels of crude oil.