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.
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.