NNPCL Kicks Off Oil Production At Madu Field In Bayelsa

NNPCL Kicks Off Oil Production At Madu Field In Bayelsa

The Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture (JV) partner, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production at the Madu Field in Oil Mining Lease (OML) 85, marking a significant milestone in Nigeria’s oil and gas sector……READ ALSO Breaking News: NNPCL Pledges To Eradicate Fuel Shortage In Nigeria Within 10 Years

Located in the shallow waters offshore Bayelsa State, the Madu Field, operated by First E&P, is expected to contribute an average of 20,000 barrels of oil per day to the national output.

This announcement was made in a statement by the spokesperson of NNPCL, Olufemi Soneye, highlighting the commitment of President Bola Tinubu’s administration to optimize the productivity of the nation’s oil and gas assets.

Mele Kyari, the Group Chief Executive Officer of NNPC Ltd., emphasized the significance of this achievement in driving revenue growth and bolstering the nation’s economy, aligning with President Tinubu’s commitment.

The Madu Field, alongside its sister field, Anyala, received Final Investment Decision (FID) approval from the NNPC Ltd./First E&P JV in 2018, setting the stage for this pivotal moment.

Oil produced from Madu will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) unit, with a crude oil storage capacity of up to 800,000 barrels.

Kyari emphasized that the addition of 20,000 barrels per day from an indigenous player significantly strengthens efforts toward achieving economic development and sustainability in Nigeria.

In the midst of these developments, the Central Bank of Nigeria (CBN) reported a 29% decline in crude oil revenue to N790 billion, reflecting broader economic challenges and highlighting the importance of initiatives like the Madu Field production in bolstering revenue streams and economic resilience.

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