After announcing last month that it had successfully pre-qualified for Nigeria’s Marginal oilfield bid round , Zenith Energy has announced it has officially submitted a technical and commercial bid with the Nigerian Department of Petroleum Resources (DPR) for a marginal field in the 2020 Marginal Field Bid Round.

Zenith Energy is participating in the Bid Round as the technical and financial partner to a Nigerian registered oil and gas company. The submission of the bid is the second stage of the Bid Round process after it had successfully scaled through the first round.

The company said if the bid is accepted, it already has several pan-African financial institutions that are willing to provide the necessary financing to develop the asset and achieve commercial production.

In the official release by Zenith, the Chief Executive Officer, Andrea Cattaneo said, “The Bid Round represents a very rare opportunity for Zenith to acquire a large, underdeveloped, near-term production asset in Nigeria. Indeed, the last opportunity of this kind was in 2003. We have worked closely with our Nigerian partner to complete the necessary commercial and technical analysis required for submission of our Bid and in selecting the most compatible asset.

In the event our Bid is accepted, we have already received positive indications from a number of pan-African financial institutions regarding obtaining the necessary financing to develop the asset and achieving commercial production. I look forward to updating the market in due course regarding this opportunity.”