• Tuesday, February 27, 2024
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Nigeria hopeful of improved oil output as OML 83/85 produce 20,000 bpd

Nigeria hopeful of improved oil output as OML 83/85 produce 20,000 bpd

Nigeria’s daily crude oil production volume appears to have received a boost from improved production as FIRST Exploration and Petroleum (E&P) Development Company Limited announced the Madu Conductor Supported Platform (CSP) will contribute additional 20,000 barrels of oil per day (bpd) to Nigeria’s total offshore production.

According to the managing director of FIRST E &P, Ademola Adeyemi-Bero, the CSP is a critical and integral infrastructure for the next phase of growth within the OML 85 Asset, adding that engaging an indigenous company for its construction is a testament to Nigerian National Petroleum Company Limited (NNPC)/FIRST E&P’s OML 83/85 Joint Venture belief in and commitment to Nigerian content.

Adeyemi-Bero stated this during the official load-out of the newly constructed oilfield platform by Dorman Long Engineering Limited at the Nigerian Naval Dockyard, Lagos.

He noted that the CSP is a small platform that can contain eight to 10 wells, which he said, when operational, will operate at a unit cost of less than $10 per barrel, in line with the government’s directive of producing and developing oil and gas for less than $20.

Adeyemi-Bero said this project is in addition to the Anyala Field investment in the delivery of oil production wells and necessary hydrocarbon processing and handling infrastructure (CSP, FPSO), which continues to sustain over 40,000 barrels of oil per day, thereby, generating stable revenue/income for the country.

He added that the firm is working toward reaching a production capacity of 100, 000 barrels of oil per day as well as gas to enable Nigeria to be self-independent and boost the employment of locals.

Read also: Seplat commences commercial injection of crude oil through new Amukpe-Escravos Pipeline

The Chairman, Dorman Long Engineering Nigerian Naval Dockyard, Timi Austen- Peters, said the project, which an indigenous company executed, is something the country is proud of.

He said the platform, which would be producing about 20, 0000 barrels of oil and gas daily, means a lot for the Nigerian treasury, adding that this is a very significant contribution as the country has been struggling to meet its OPEC quota.

According to him, the benefits of the project include the domestication of expenditure, employment of Nigerians and training of youths.

“We are not looking for dollars to go and give to foreign companies, rather, we give it to Nigerian companies; we are spending the money locally and employing Nigerians as well as giving youths opportunity to get training so that they can also in the future do things like this. We are domesticating expertise and skills. We are making sure we keep everything in the country,” he said.