The Nigerian National Petroleum Company Limited (NNPC Ltd.) has partnered with First Exploration and Petroleum Development Company Limited (First E&P) to announce their plans to achieve an average oil production of 20,000 barrels per day on the new OML 85 platform located in Bayelsa State.
According to NNPC spokesperson Olufemi Soneye, this milestone reflects President Bola Tinubu’s administration’s commitment to enhancing production from the country’s oil and gas assets by fostering a conducive environment for current and prospective investors.
“The oil produced from the OML 85 platform, also known as the Madu Field, will undergo processing at the joint venture’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) unit, with a storage capacity of up to 800,000 barrels of crude oil,” he noted.
Soneye highlighted that the Final Investment Decision (FID) for the Madu Field development, alongside its adjacent field, Anyala, was made by the NNPC Ltd./First E&P Joint Venture in 2018.
NNPC’s Group Chief Executive Officer, Mr Mele Kyari, hailed the commencement of oil production at the Madu Field as a pivotal milestone contributing to the broader objective of increasing production to drive revenue growth and bolster the national economy.
Kyari expressed appreciation for stakeholders’ support, emphasizing that an indigenous oil player’s addition of 20,000 barrels per day underscores stakeholders’ dedication to Nigeria’s economic development.
Meanwhile, Kyari has underscored the crucial role of bridging the energy access gap in driving Nigeria’s economic prosperity.
During his keynote address at the 2024 Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) held in Abuja, Kyari reaffirmed NNPC Ltd.’s dedication to developing the essential infrastructure to deliver oil and gas, which will catalyze economic growth across the nation.
“We are committed to developing gas infrastructure across the country,” Kyari affirmed, noting that the commitment extends beyond mere compliance with statutory requirements to ensuring energy security and prosperity for all Nigerians.
