financetom
Business
financetom
/
Business
/
Nigeria's NNPC, First E&P venture produce 20,000 barrels of crude at OML 85
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Nigeria's NNPC, First E&P venture produce 20,000 barrels of crude at OML 85
Apr 19, 2024 12:49 PM

ABUJA, April 19 (Reuters) - Nigeria's NNPC Ltd and its

local joint venture partner, First E&P, have commenced

production at OML 85 and achieved 20,000 barrels per day (bps)

output, the state-oil firm said in a statement on Friday.

OML 85 was one of two blocks sold to First Exploration and

Petroleum Development Company Limited (First E&P) in 2015 by

Chevron ( CVX ).

That and OML 83 are located between 30 to 40 km offshore in

the central Niger Delta, where water depths range from 15 to 50

metres. OML 83 contains the Anyala field and OML 85 contains the

Madu field.

Nigeria is trying to boost oil production, especially from

fields which oil majors sold to local firms, in a bid to exit

onshore drilling in the Niger Delta, a region rife with oil

theft, pipeline vandalism and host community problems including

spills.

NNPC's chief executive, Mele Kyari, said the commencement of

oil production at the Madu Field will contribute to the goal of

meeting the production required to drive revenue growth and

boost the economy.

In November, Nigeria was pumping close to its 2024 OPEC

quota of 1.38 million bpd but less than a 2024 level of 1.58

million bpd being considered for it subject to independent

assessments.

But its production declined in March, with exports falling

more sharply according to some ship trackers as the Dangote

refinery took in more cargoes.

NNPC said the final investment decision on the development

of the Madu Field and a sister field, Anyala, was taken by the

First E&P joint venture in 2018.

Crude production from the Madu Field will be processed at

the joint venture's Abigail-Joseph Floating Production Storage

and Offloading (FPSO) Unit, which has a crude oil storage

capacity of up to 800,000 bbls.

(Writing by Chijioke Ohuocha; editing by Andrew Heavens)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
DoorDash Reports Mixed Q1 Results: EPS Miss, Sales Beat
DoorDash Reports Mixed Q1 Results: EPS Miss, Sales Beat
May 1, 2024
DoorDash, Inc. ( DASH ) reported its first-quarter financial results after the bell Wednesday. Here's a look at the details.  The Details: DoorDash ( DASH ) reported quarterly losses of 6 cents per share which missed the analyst consensus estimate of losses of 4 cents by 50%. The company posted quarterly sales of $2.513 billion which beat the analyst consensus...
Vermilion Energy First-Quarter Profit Drops 99%
Vermilion Energy First-Quarter Profit Drops 99%
May 1, 2024
04:31 PM EDT, 05/01/2024 (MT Newswires) -- Vermilion Energy ( VET ) on Wednesday said its first-quarter profit plunged on weaker revenue and lower oil and gas prices. The international oil and gas producer said it earned C$2.31 million, or C$0.01 per share, in the period, down from C$380.22 million, or C$2.34, in the year-prior period. Revenue fell 8.1% to...
Exxon to bar Pioneer CEO from its board in deal with FTC, WSJ reports
Exxon to bar Pioneer CEO from its board in deal with FTC, WSJ reports
May 1, 2024
(Reuters) - Exxon Mobil ( XOM ) is set to close its $60 billion deal for Pioneer Natural Resources ( PXD ) following an agreement with antitrust enforcers to not add Pioneer CEO Scott Sheffield to its board, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The Federal Trade Commission is set to allege as...
Gildan Reports Q1 Earnings and Revenues Beat, FY24 Guidance Reconfirmed
Gildan Reports Q1 Earnings and Revenues Beat, FY24 Guidance Reconfirmed
May 1, 2024
04:33 PM EDT, 05/01/2024 (MT Newswires) -- Gildan Activewear ( GIL ) -- which has moved in recent days to refresh its board and said interest remains in buying it out --- after trade Wednesday reported a first quarter earnings and revenues beat, while reconfirming recent guidance. It reported adjusted diluted EPS of US$0.59, up 31% on a year earlier...
Copyright 2023-2026 - www.financetom.com All Rights Reserved