ADM Energy has formally submitted a bid with Nigeria’s Department of Petroleum Resources for a marginal field in the 2020 ‘Marginal Field Bid Round.’
Fifty-seven marginal fields covering onshore and offshore fields are available to participating companies.
The company is participating in the round as a ‘strategic partner’ of Nigerian integrated oil and gas service management company, OilBank International.
The submission of the bid has followed ADM and OilBank’s pre-qualifying for the bid round, which concluded the second stage of the process.
The bid round is expected to be completed by the end of the fourth quarter of this year.
Osamede Okhomina, Chief Executive Officer, ADM Energy, said, “Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria.
“This bid round, the first since 2003, is significant as the fields now available will shape the future of oil production in the country for many years to come.
“We believe ADM is uniquely positioned to drive this growth owing to our intimate knowledge of the region, local contacts and access to development capital. I look forward to updating shareholders as soon as practicable.”
In February, ADM signed an agreement with EER (Colobos) Nigeria to acquire a further 4.2 per cent profit interest in the Aje Field, part of OML 113, offshore Nigeria.
