NNPC Ltd, First E&P Achieve 20,000bpd Production at OML 85

Date:

The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset, also known as Madu Field.

Thank you for reading this post, don't forget to subscribe!

Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at 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 nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.

Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Mr. Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that will contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy.

Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to achieving economic development for Nigeria.

It would be recalled that the Final Investment Decision (FID) on the development of the Madu Field and a sister field, Anyala, was taken 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 (FPSO) Unit, which has a crude oil storage capacity of up to 800,000 bbls.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Student Loan Application Portal Is Now Live – NELFUND

May 24, 2024. Azonuchechi Chukwu. The Nigerian Education Loan Fund (NELFUND),...

ACCI President Bags Prestigious Legal Award

May 24, 2024. Azonuchechi Chukwu. The President of the Abuja Chamber...

Sanusi’s Reinstatement in Kano’s Best Interest, Says Gov Yusuf

May 24,2024. Kano State Governor, Abba Yusuf, on Thursday, reinstated...

PDP must convert to zoning – Bode George

May 24,2024. A former Peoples Democratic Party, PDP, National Deputy...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading