The Nigerian National Petroleum Company Limited (NNPC Ltd) and FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) Joint Venture has announced the commencement of oil production from the Madu Field in Oil Mining Lease (OML) 85.
OML 85 is in the shallow waters offshore Bayelsa State (Nigeria), with FIRST E&P as operator on behalf of the NNPC/FIRST E&P Joint Venture (JV), reports Daily Independent.
Madu Oil Field has significant oil, gas, and condensate resources in multiple-stacked reservoirs.
The Field, which lies approximately 23km northwest of the JV’s other producing asset – Anyala – is expected to produce an average of 20,000 barrels per day, ramping up joint production capacity for the Anyala and Madu fields to 60,000 barrels per day.
This achievement is testament to President Bola Tinubu’s success in rallying the industry to ramp up hydrocarbon production by creating an enabling environment for current industry players and prospective investors.
It would be recalled that the NNPC/FIRST E&P JV commenced the Greenfield development of the Madu and Anyala Fields after taking Final Investment Decision (FID) on both fields in 2018.
The crude oil from 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.
Mele Kyari, the Group Chief Executive Officer, NNPC, while appreciating the support from stakeholders described the commencement of oil production at Madu Field as a significant milestone that will contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy. Kyari explained that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to facilitating the nation’s economic development.
Ademola Adeyemi-Bero, the Managing Director, FIRST E&P, also speaking, stated that the achievement underscores FIRST E&P’s commitment to delivering value to its stakeholders while contributing to the energy needs of the nation and beyond.
