Nigeria's oil industry witnesses a significant milestone as the Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), announce the commencement of oil production from the Madu Field, also known as OML 85.
This venture, situated in shallow waters offshore Bayelsa State and under the operational helm of First E&P, is anticipated to yield an average output of 20,000 barrels per day.
In a statement released by NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, on Friday, the commencement of production was underscored as a strategic move towards bolstering revenue generation and invigorating the nation's economy.
NNPCL's Group Chief Executive Officer, Mr. Mele Kyari, hailed the initiation of production at the Madu Field as a testament to President Bola Tinubu's administration's commitment to optimizing Nigeria's oil and gas assets.
Kyari emphasized that this achievement signifies a concerted effort by all stakeholders to drive economic growth in Nigeria.
He lauded the support of stakeholders and highlighted the significance of indigenous oil players in contributing to the country's economic development.
The Final Investment Decision to develop the Madu Field and its sister field, Anyala, was reached by the NNPC Ltd./First E&P JV in 2018.
Oil production from the Madu Field will be processed at the Abigail-Joseph Floating Production Storage and Offloading Unit, owned by the joint venture, boasting a crude oil storage capacity of up to 800,000 barrels.
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