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 Madu field in Bayelsa State.
This development was contained in a statement issued yesterday by the Chief Corporate Communications Officer, Olufemi O. Soneye. He noted that production from the field, is expected to be at an average of 20,000 barrels per day.
The oil field is located in shallow waters offshore Bayelsa State and operated by First E&P.
According to Soneye, “The achievement is a testament to the commitment of the President Bola Tinubu administration. Which is to optimize production from the country’s oil and gas assets. Through the provision of enabling environment for existing and prospective investors.”
On his part, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, described the oil production as a milestone. He said the commencement of oil production at the Madu field would contribute to the larger goal. Which is to meet the production required to drive revenue growth and boost the country’s economy.
Kyari, also commended stakeholders for their support. He explained that the addition of 20,000 barrels per day by an indigenous oil player signaled the commitment of stakeholders towards achieving economic development for Nigeria.
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.
source: Daily Trust
