Business

NNPCL, E&P commence oil production at Madu Field, Bayelsa 

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 offshore Bayelsa State and operated by First E&P.

Production from the field which is is expected to be at an average of 20,000 barrels per day. 

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This new production development was made public through a press statement signed by Olufemi Soneye, the Chief Corporate Communications Officer on Friday, 19th September 2024.

According to the statement, this achievement “is a testament to the commitment of President Bola Tinubu’s administration to optimise production from the nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.”

Speaking on the development, Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, characterized the initiation of oil production at the Madu Field as a noteworthy achievement, expected to support the overarching objective of increasing production for revenue enhancement and economic advancement.

Kyari praised stakeholders for their backing and highlighted that the inclusion of 20,000 barrels daily from a local oil company demonstrates stakeholders’ dedication to Nigeria’s economic progress.

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.

Source:

Tribune Online