Business a.m.
The OML 85 Joint Venture—comprising the Nigerian National Petroleum Company Limited (NNPC Ltd) and its partner, First Exploration and Petroleum Development Company Limited (First E&P)—have announced a historic milestone with the commencement of oil production from the Madu Field, an asset located within the OML 85 lease area.
Located in the shallow waters offshore Bayelsa State, the Madu Field,an asset central to the OML 85 lease area and operated by First E&P, is projected to yield a daily average output of 20,000 barrels of crude oil, heralding a significant contribution to the nation’s energy production and a promising milestone for the joint venture partners, NNPC Ltd and First E&P.
The development is considered a testament to the commitment of the President Bola Tinubu administration to optimise production from the nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.
Highlighting the far-reaching significance of this milestone, Mele Kyari, group chief executive officer of NNPC Ltd, commended the commencement of oil production at the Madu Field as a major step forward in achieving the overarching goal of maximising the output of Nigeria’s energy resources, bolstering revenue growth, and powering the nation’s economy toward greater prosperity.
Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to 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.
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 800,000bbls.
