ADM Energy has set out a plan to acquire a stake in the Barracuda field, in Nigeria’s OML 141.
ADM Energy has signed a co-operation agreement with Dubai Bridge Investments to work together on upstream investments in sub-Saharan Africa.
Contractors on Nigeria’s offshore Aje field have cut costs by 37.5%, with breakeven price reduced to $28 per barrel.
These are difficult times for the oil industry but ADM Energy is working on expansion at its Aje field, offshore Nigeria. At the same time, the company is also on the hunt for new opportunities, backed by an agreement with Trafigura.
ADM Energy has struck a deal to buy a 2.25% stake in Nigeria’s OML 113 from EER for $3 million in shares and cash.
ADM Energy has signed up support from Trafigura, with the oil trader agreeing to support “investment opportunities” in African energy.
ADM Energy has set out plans to secure deals in Nigeria and Africa, matching under-developed assets with new sources of financing, including oil traders.