The Federal Government has reaffirmed its support for the NNPCL-FIRST Exploration & Petroleum Development Company Joint Venture (JV) in achieving its ambitious target of producing 100,000 barrels of oil per day (BOPD). During a visit to the JV’s facilities in the Niger Delta, Petroleum Minister Heineken Lokpobiri commended the JV’s efforts and its contributions to energy security.
Lokpobiri emphasised that this project is essential for Nigeria’s broader goal of producing 2.5 million BOPD by 2025, which is critical for economic stability.
Key Highlights of the JV’s Operations
Strategic Facilities Tour
The minister toured several key facilities, including the Abigail-Joseph Floating Production Storage and Offloading (FPSO) vessel and the Anyala OML 83 and Madu OML 85 platforms. He also visited the Ogu Logistics Base and engaged with local stakeholders in Bayelsa State. These facilities are central to meeting production targets and ensuring smooth operations in offshore drilling.
Production Milestones
FIRST E&P’s Managing Director, Ademola Adeyemi-Bero, noted that the JV consistently produces 56,000 BOPD and aims to exceed 100,000 BOPD soon. Since achieving first oil in 2020, the JV has produced over 50 million barrels, contributing significantly to Nigeria’s revenue through royalties, taxes, and community development initiatives.
Community Engagement and Support
The Host Community Stakeholders Engagement highlighted the JV’s commitment to social responsibility. Local leaders praised the JV’s investments in education, healthcare, and human capital development. Lokpobiri acknowledged the peaceful and supportive environment provided by host communities, urging continued cooperation to meet production goals.
Federal Government’s Commitment
Lokpobiri reassured stakeholders of the government’s commitment to improving Nigeria’s investment climate and ensuring competitiveness in the global oil and gas sector. He emphasised that collaboration between the government, oil companies, and local communities is vital for achieving national production targets.
This initiative reflects a strategic push towards boosting Nigeria’s oil output and fostering sustainable economic growth, with the JV playing a critical role in achieving these objectives.