Nigeria may light up her economy soon as the Department of Petroleum Resources (DPR) commenced 2020 bid rounds for marginal oilfields this June 2020. Over 300 companies participated and Jimcol qualifies for the next stage of the 2020 marginal oil field bidding round. The bidding round exercise carried out electronically, announced the availability of a total of 57 fields located on land, swamp and shallow offshore terrains are on offer.
In a recent press release the Managing Director, Engr Ndubuisi Chijioke was excited. He said that it is a significant milestone in Jimcol’s strategy to be a fully integrated Energy company by 2025.”
Marginal Field
DPR defined marginal fields as oil undeveloped fields left for over 10 years. Therefore, marginal fields are un-producing/un-appraised fields within a wider Oil Mining Lease (“OML”) area. They are usually fields which the OML license holders have considered as not being profitable for them to develop.
The application for marginal fields is only open to wholly or substantially Nigerian-owned companies. So Intending companies will submit an application indicating their interests in a specific field(s). They pay the registration and application fees and wait for the DPR to conduct a pre-qualification exercise. The DPR will review all applications, and announce the qualified companies. Then DPR will conduct more reviews in the next stage. Nonetheless, the Minister of Petroleum Resources will receive the list of selected companies as a recommendation. Subsequently to the President.
Jimcol Resources
Jimcol Resources Nigeria Limited is a 100% Nigerian company. The company has gone through business transformations to build an integrated strategy in the Oil & Gas industry as well as the Public sector. Jimcol employs over 300 people. The company also has a quality clientele that includes but not limited to ExxonMobil, Shell, NNPC, and its subsidiaries. Additionally, the company has strong CRS footprints having delivered support in infrastructure and human capacity development for various communities.
The company, Jimcol, was successfully prequalified by DPR in the 2020 marginal oilfield bidding round. This success builds on Jimcol’s consistent efforts as an emerging leader in the Petroleum industry. Engr Ndubuisi Chijioke said that Jimcol “intends to approach the remaining stages of the bidding process with the diligence required to convey (our) robust and exceptional value proposition to the DPR in respect of the development of (our) potential fields of interest.”
The bidding round is expected to be concluded within six months. The process started on June 1, 2020.
