Business
NNPC Begins Oil Production In Madu Field
The Madu field, located in shallow waters offshore Bayelsa State, has begun oil production by the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P).
According to a recent announcement by the Chief Corporate Communications Officer, Olufemi O. Soneye, the production is anticipated to reach 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 country’s oil and gas assets through the provision of an enabling environment for existing and prospective investors,” the statement noted.
The Group Chief Executive Officer of NNPC Ltd, Mele Kyari, expressed his thoughts on the progress made, stating that the commencement of oil production at the Madu field is a significant achievement.
He emphasized that this milestone will contribute to the overall objective of meeting production targets, driving revenue growth, and bolstering the country’s economy.
Furthermore, Kyari acknowledged and appreciated the support of stakeholders, highlighting that the involvement of an indigenous oil player in adding 20,000 barrels per day demonstrates the commitment of all parties involved towards Nigeria’s economic development.
It is worth noting that the NNPC Ltd/First E&P JV made the Final Investment Decision (FID) for the development of the Madu field and its sister field, Anyala, back in 2018.
