Natural resources investing company ADM Energy has formally submitted a bid with the Nigerian Department of Petroleum Resources (DPR) for a marginal field in the 2020 ‘Marginal Field Bid Round’.
ADM said that a total of 57 marginal fields covering onshore and offshore fields are available to participating companies.
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ADM is participating in the round as a ‘strategic partner’ of Nigerian integrated oil and gas service management company OilBank International.
According to the natural resources investing company, the submission follows ADM and OilBank pre-qualifying for the bid round. It concludes the second stage of the process.
The bid round is expected to be concluded by the end of the fourth quarter of this year.
ADM Energy CEO Osamede Okhomina said: “Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria.
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By GlobalData“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% profit interest in the Aje Field, part of OML 113, offshore Nigeria.
