Get ready for some exciting news straight from the heart of Nigeria’s oil industry! The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), are gearing up to unleash a tidal wave of oil production from the new OML 85 platform in Bayelsa State.
According to a statement confirmed by NNPC spokesperson Olufemi Soneye, the ambitious goal is to achieve an average oil production of a whopping 20,000 barrels per day on the OML 85 platform, also known as the Madu Field. This isn’t just a pipe dream – it’s a testament to the unwavering dedication of President Bola Tinubu’s administration to supercharge production from Nigeria’s oil and gas assets.
But wait, there’s more! The oil extracted from the Madu Field won’t just sit around twiddling its thumbs. No sir! It’ll be whisked away to the joint venture’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) unit, capable of hoarding up to a staggering 800,000 barrels of liquid gold.
And here’s the kicker: the Final Investment Decision (FID) for developing the Madu Field and its neighboring Anyala field was greenlit by the NNPC Ltd./First E&P Joint Venture back in 2018. Talk about laying the groundwork for success!
In a glowing endorsement of this monumental achievement, NNPC Ltd.’s Group Chief Executive Officer, Mr. Mele Kyari, hailed the commencement of oil production at the Madu Field as a game-changing milestone. Kyari emphasized that this move is not just about pumping oil – it’s about turbocharging revenue growth and turbocharging Nigeria’s economy.
With stakeholders rallying behind this initiative, the addition of 20,000 barrels per day by a homegrown oil player speaks volumes about the unwavering commitment to Nigeria’s economic prosperity. So, fasten your seatbelts, folks – because Nigeria’s oil industry is about to kick into high gear, driving the nation towards a brighter, more prosperous future!
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