NNPCL Kicks Off Oil Production At Madu Field In Bayelsa

Crude Oil Revenue Plumet By 29% To N790bn – CBN

The Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture (JV) partner, First Exploration and Petroleum Development Company Limited (First E&P), have announced the commencement of oil production at the Madu Field in Oil Mining Lease (OML) 85, marking a significant advancement in Nigeria’s oil and gas sector.

Located in the shallow waters offshore Bayelsa State, the Madu Field is operated by First E&P and is expected to contribute an average of 20,000 barrels of oil per day to the national output.

Naija News reports that the latest development was announced in a statement by the spokesperson of NNPCL, Olufemi Soneye.

Soneye explained that the development was part of President Bola Tinubu’s administration’s commitment to optimizing the productivity of the nation’s oil and gas assets and fostering a supportive environment for both existing and prospective investors.

Reacting to the development, the Group Chief Executive Officer of NNPC Ltd., Mr Mele Kyari, stated the feat was an indication of President Bola Tinubu’s commitment to driving revenue growth and bolstering the nation’s economy.

“The start of production at Madu Field is a significant milestone that underscores our commitment to driving revenue growth and boosting the national economy,” Kyari stated.

The Madu Field, alongside its sister field, Anyala, had their Final Investment Decision (FID) approved by the NNPC Ltd./First E&P JV back in 2018, setting the stage for this pivotal moment.

The oil produced from Madu will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) unit, which boasts a ‘crude oil storage capacity of up to 800,000 barrels.

Kyari further stated that the “addition of 20,000 barrels per day from an indigenous player significantly bolsters our collective efforts towards achieving economic development and sustainability in Nigeria.”

The post NNPCL Kicks Off Oil Production At Madu Field In Bayelsa appeared first on Naija News.

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