The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), aim to achieve an average oil production of 20,000 barrels per day on the new OML 85 platform in Bayelsa State.
The spokesperson for NNPC, Olufemi Soneye, confirmed this in a statement on Friday, 19 March, 2024.
He stated that this achievement reflects the dedication of President Bola Tinubu’s administration to enhance production from the country’s oil and gas assets by creating a favorable environment for both current and future investors.
Soneye mentioned that oil produced from the OML 85 platform, also known as the Madu Field, will be processed at the joint venture’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) unit, which can store up to 800,000 barrels of crude oil.
He pointed out that the Final Investment Decision (FID) for the development of the Madu Field and its adjacent field, Anyala, was made by the NNPC Ltd./First E&P Joint Venture in 2018.
- “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.
- “The achievement is a testament to the commitment of the 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,” Soneye said.
Speaking further, Soneye also cited the Group Chief Executive Officer of NNPC Ltd., Mr. Mele Kyari, who described the start of oil production at the Madu Field as a crucial milestone that will help achieve the broader objective of increasing production to drive revenue growth and enhance the national economy.
- “Kyari, who commended stakeholders for their support, also explained 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,” Soneye added.
What you should know
- The OML 85 oil platform is part of a joint venture between the Nigerian National Petroleum Corporation (NNPC) and FIRST Exploration and Petroleum Development Company (FIRST E&P).
- This joint venture has been significant for Nigeria’s oil production, contributing notably to the nation’s output with projects such as the development of the Anyala-Madu fields, located in Oil Mining Leases (OMLs) 83 and 85.
- In 2018, 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
- Production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, which has a crude oil storage capacity of up to 800,000 bbls.