The Nigerian National Petroleum Company Limited (NNPC) and its joint venture partner, First Exploration and Petroleum Development Company Limited, have initiated oil production from Oil Mining Lease 85, also known as the Madu Field.
In a statement issued by NNPC’s spokesperson, Olufemi Soneye, it was revealed that production from the Madu Field, situated in shallow waters offshore Bayelsa State and operated by First E&P, is expected to reach an average of 20,000 barrels per day.
NNPC attributed this achievement to the commitment of the Bola Tinubu administration to optimize production from the nation’s oil and gas assets by providing an enabling environment for existing and prospective investors.
Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, hailed the commencement of oil production at the Madu Field as a significant milestone contributing to the larger goal of meeting production targets to drive revenue growth and bolster Nigeria’s economy. Kyari thanked stakeholders for their support and emphasized the importance of indigenous oil players like First E&P in Nigeria’s economic development.
The final investment decision on the development of the Madu Field and its sister field, Anyala, was made by the NNPC Ltd/First E&P JV in 2018. Production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading Unit, with a crude oil storage capacity of up to 800,000 barrels.
Efforts to Ramp Up Crude Oil Production
Meanwhile, the Federal Government has been intensifying efforts to increase crude oil production in Nigeria by addressing oil theft and pipeline vandalism. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, met with Chief of Defense Staff, Gen Christopher Musa, to devise additional strategies to combat crude oil theft and pipeline vandalism.
Lokpobiri emphasized the importance of ramping up crude oil production to boost revenue, address foreign exchange challenges, and stabilize the economy. He underscored the significance of security and investment in oil assets, expressing confidence in the Armed Forces of Nigeria’s support to mitigate challenges in the Niger Delta region.
In response, Gen Christopher Musa assured full military support to safeguard Nigeria’s economic mainstay, emphasizing the importance of leveraging the country’s abundant resources for economic development.
