TheCable

ADM Energy Plc, a natural resources investing company, says it has pre-qualified for the second stage of the Nigeria’s 2020 marginal field bid.

In a statement on Monday, the company said it is participating in the bid round as the exclusive technical partner of OilBank International Limited.

“ADM is participating in the bid round after signing a memorandum of understanding (MoU) with OilBank as its exclusive technical partner to support its bidding for and any future development of the marginal fields,” the statement read.

Osamede Okhomina, CEO of ADM, expressed delight at the company’s pre-qualification for the submission stage of the bid round in partnership with OilBank.

“The bid round is a tremendous opportunity to invest into an undervalued, near-term production asset during an unprecedented low oil price environment,” Okhomina said.

“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 $100 million of pre-financing, means we are in a strong position to evaluate and finance investment into attractive oil and gas assets.”

Also commenting on the development, Biodun Otunola, director of OilBank, said: “We have great confidence in ADM as our exclusive technical partner for this marginal field round, the first to be launched in Nigeria in nearly 20 years.”

“Having now pre-qualified, we look forward to working together as we progress our bid for marginal fields capable of delivering substantial value for us both,” Otunola added.

The Department of Petroleum Resources (DPR), on June 1, had announced the launch of a new bid round for 57 marginal fields covering onshore, swamp and shallow offshore fields.