The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), have initiated oil production from OML 85, also known as the Madu Field.
Located in shallow waters offshore Bayelsa State and operated by First E&P, the field is projected to yield an average of 20,000 barrels per day.
This milestone underscores the dedication of the administration under President Bola Tinubu to enhance oil and gas production by fostering an enabling environment for investors.
Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, hailed the start of oil production at the Madu Field as a significant achievement toward meeting production targets for revenue growth and economic advancement.
Kyari also lauded stakeholders for their support, emphasizing the addition of 20,000 barrels per day by an indigenous oil player as a testament to stakeholders’ commitment to Nigeria’s economic development.
The Final Investment Decision (FID) for the development of the Madu Field and its counterpart, Anyala, was made by the NNPC Ltd/First E&P JV in 2018.
Oil from the Madu Field will undergo processing at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, boasting a crude oil storage capacity of up to 800,000 barrels.