The Nigerian National Petroleum Company Limited and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited have started extracting oil from OML 85, also referred to as Madu Field.
Oil extraction from the area in shallow waters off the coast of Bayelsa State, managed by First E&P, is estimated to reach an average of 20,000 barrels per day.
NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, released a statement about this on Friday.
In response, NNPCL Group's CEO, Mr Mele Kyari, highlighted the significance of commencing oil production at the Madu Field as a major achievement that will help meet production goals and enhance the country's economy.
He also stated that this accomplishment demonstrates President Bola Tinubu’s administration's dedication to maximizing oil and gas production by creating a favorable environment for existing and potential investors.
Kyari, while praising stakeholders for their support, also clarified that the addition of 20,000 barrels per day by a local oil company reflects stakeholders' dedication to achieving economic development for Nigeria.
It is worth recalling that the NNPC Ltd./First E&P JV made the Final Investment Decision to develop the Madu Field and its sister field, Anyala, in 2018.
Oil extracted from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading Unit, which has a capacity to store up to 800,000 barrels of crude oil.
