People & Money

New Anyala-Madu Oilfields to Increase Nigeria’s Crude Production by 60,000 barrels

Oil output in Nigeria’s Anyala-Madu field, which lies in the shallow offshore blocks of the Oil Mining Lease (OML) 83 and OML 85, is projected to lift the country’s production by 60,000 barrels per day (bpd), the Nigerian National Petroleum and FIRST E&P, the indigenous producer, said on Tuesday.

It is the latest advancement in oil development since the 200,000 Egina field started production in late 2018.

NNPC’s Group Managing Director Mele Kyari said “it is a project that will go a long way in helping us achieve our strategic objective of 3 million b/d by 2023.”

Also Read: Oil Prices Decline Amidst Soaring Covid-19 Cases, Nigeria’s Bonny Light Gains $0.45

The 700,000-barrel capacity Abigail-Joseph FPSO will export crude and condensate from the crude and condensate fields, according to London-based market intelligence firm, S&P Global Platts.

The first phase in the Anyala West field with OML 83 will involve the construction of seven wells to be developed alongside the Madu field with OML 85, which is located nearby.

It is the “first wholly indigenously executed and funded integrated oil and gas project in the shallow offshore,” NNPC said in a statement.

Also Read: Coronavirus Second Wave Puts OPEC+ Under Strain Despite Resurgence of Demand in China and India

The fields are said to contain 300 million barrels of crude oil recoverable reserves.

Crude and condensate production in Nigeria has been on a steep fall this year, following a slump in global fuel demand on account of coronavirus-induced lockdowns as well as current supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, a group known as OPEC+.

Nigeria’s daily crude and condensate output averages 1.81 million bpd so far this year, 9.5% weaker than the 2 million bpd recorded last year, S&P Global Platts said.

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