On April 19, 2024, the Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited, initiated oil production at OML 85, also known as the Madu Field.
Situated in shallow waters offshore Bayelsa State and operated by First E&P, production from this asset is anticipated to reach an average of 20,000 barrels per day.
This significant development was confirmed in a statement released by Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL.
Mr. Mele Kyari, the Group Chief Executive Officer of NNPCL, hailed the commencement of oil production at the Madu Field as a momentous milestone contributing to the broader objective of enhancing revenue generation and stimulating the nation’s economy.
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Kyari underscored the commitment of President Bola Tinubu’s administration to optimizing oil and gas asset production through a conducive investment environment.
He applauded stakeholders for their support, emphasizing that the addition of 20,000 barrels per day by an indigenous oil player reflects the collective dedication to Nigeria’s economic advancement.
The Final Investment Decision for the development of the Madu Field and its sister field, Anyala, was endorsed by the NNPC Ltd./First E&P JV in 2018. Oil production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading Unit, equipped with a crude oil storage capacity of up to 800,000 barrels.
