ADM Energy, a natural resources investing company, has successfully pre-qualified in the Nigerian Governments 2020 Marginal Field Bid Round, the first to take place in the country since 2003
The bid round is for a total of 57 marginal fields covering onshore, swamp and shallow offshore fields.
ADM is participating in the bid round as the exclusive technical partner of OilBank, a Nigerian integrated oil and gas service management company.
After successfully demonstrating the required technical and financial capabilities, ADM and OilBank have now progressed to the second stage of the bid round which consists of technical and commercial bid submission by the end of August 2020.
Osamede Okhomina, CEO of ADM, said, “The bid round is a tremendous opportunity to invest into an undervalued, near-term production asset during an unprecedented low oil price environment.
“The MOU with OilBank gives us a high-quality local partner to work alongside our team of expert technical advisers. This, combined with the Trafigura strategic alliance for up to US$100 million of pre-financing, means we are in a strong position to evaluate and finance investment into attractive oil and gas assets.”
