International oil & gas production company, Zenith Energy, has announced that it is participating in the 2020 Marginal Field Bid Round exercise in Nigeria being organised by the country’s Department of Petroleum Resources (DPR).
The company reiterates its focus on pursuing African development opportunities and says that it is participating in the capacity of a technical and financial partner to a Nigerian registered energy company.
According to the firm, the intention to have a presence in Nigeria has been had for a while now and this is an amazing opportunity to take advantage of the bidding rounds.
Commenting on the firm’s website, the Chief Executive Officer, Andrea Cattaneo, said, “Zenith has had ambitions to establish a presence in Nigeria for a number of years. The launching of the 2020 Bid Round for Marginal Fields, which has not happened since 2001, represents an exceptional opportunity for the Company and its Nigerian partner to acquire an underdeveloped, potentially transformational oil production and exploration asset in the current low oil price environment.”
Among the 57 Marginal Fields included in the 2020 Bid Round, there are specific assets which are particularly appealing to Zenith, especially on account of their compatibility with our development objectives. Indeed, the near-term production potential of certain assets is expected to facilitate the achievement of financing agreements to support our expansion. We expect the potential award of a Marginal Field, following the 2020 Bid Round process, to happen within 6 months of bid submission.
I look forward to updating the market in due course regarding our very exciting progress in Africa.”
There was an earlier report about the ongoing marginal fields rounds taking place in Nigeria for the first time in eighteen years.
Marginal fields are fields which have not been exploited over some time for some reasons. In the context of Nigeria, as explained by DPR, it is a field that has been unattended to for not less than ten years from the date of the first discovery, or any field identified by the President of Nigeria as a marginal field.
