• Wednesday, May 22, 2024
businessday logo

BusinessDay

NNPC, First E&P begin crude oil production at OML 85

Nigeria reclaims top position in Africa as oil output hits 1.28m bpd

…targets 20,000bpd

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset also known as Madu Field.

Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at an average of 20,000 barrels per day.

Commenting on the development on Friday, Mele Kyari, the group chief executive officer of NNPC Ltd, described the commencement of oil production at the 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 noted that the achievement was a testament to the commitment of 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.

Read also: NIPCO Gas partners NNPC to establish 35 CNG stations

Commending the stakeholders for their support, Kyari said 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.

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.

Also speaking, Ademola Adeyemi-Bero, managing director, FIRST E&P, 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.

Emphasising the significance of the development, Adeyemi-Bero stated: “Achieving production from the Madu Field is a milestone event and an integral part of our long-term strategy. With this, we have further demonstrated that FIRST E&P is committed to delivering sustained growth and impact in the dynamic energy landscape. We remain steadfast in our pursuit of operational excellence and look forward to contributing even more to the prosperity of the communities in which we operate and to the nation.”