ADM Energy has announced it is participating in the Nigeria’s 2020 Oil Bid Round as a strategic partner of OilBank International, a Nigerian integrated oil and gas service management company.
The submission follows ADM and OilBank pre-qualifying for the Bid Round and concludes the second stage of the process.
The Company expects the Bid Round to be concluded by the end of Q4 2020 and will update the market in due course.
The DPR said that a total of 57 marginal fields are available to participating companies covering onshore, swamp and shallow offshore fields.
ADM chief executive officer, Osamede Okhomina, said in a statement yesterday that “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,” he said.
By Chibisi Ohakah, Abuja