Oil production has begun at Madu Field by the Nigerian National Petroleum Company Limited, NNPCL, and their joint venture partner in OML 85, First Exploration and Petroleum Development Company Limited, First E&P.
In a statement released by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, it was announced that the field, situated in shallow waters off Bayelsa State and operated by First E&P, is anticipated to produce an average of 20,000 barrels per day.
The statement emphasized the commitment of the administration of President Bola Tinubu to enhancing production from the country’s oil and gas reserves by fostering a conducive environment for current and potential investors.
NNPCL’s Group Chief Executive Officer, Mele Kyari, described the commencement of oil production at Madu Field as a significant milestone in working towards generating revenue growth and strengthening the nation’s economy.
Kyari praised the stakeholders for their backing and highlighted that the addition of 20,000 barrels per day by a local oil company underscores the dedication of stakeholders to promote economic development in Nigeria.
In 2018, NNPCL and First E&P made the final investment decision to develop the Madu Field and its counterpart, Anyala.
According to Soneye, “Oil production from Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, which can store crude oil up to 800,000 bbls.”