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ADM Energy Plc inks collaboration deals for Barracuda


“These agreements are important steps in ensuring we are ready to deliver on our drilling plans later in the year,” said chief executive Osamede Okhomina.

() has inked agreements with two service providers which are set to collaborate in the future development of the Barracuda field.

The agreements are with OES Energy Services Ltd, which is Nigeria’s largest swamp rig services provider, and, contractor 4Mation Drilling Services.

ADM said the plan is to explore opportunities to develop Barracuda with OES providing swamp rigs and 4Mation providing project management services including well engineering services and technical personnel.

The contractors may potentially provide vendor financing to cover the scope of work.

Chief executive Osamede Okhomina said the company and its partners continue to build a high-quality circle of specialists to facilitate the development.

“These agreements are important steps in ensuring we are ready to deliver on our drilling plans later in the year, which will bring the project on stream and significantly ramp up our production volumes,” Okhomina said.

Today’s agreements add to a deal with Eunisell Limited, a Nigerian owned oil and gas production solutions company.

ADM agreed in March to invest in the development of Barracuda with a deal to acquire a 51% interest in a Risk Sharing Agreement (RSA) for the field.

Barracuda was estimated in 2016 to contain 1.3bn barrels of oil in place. It has four existing wells and a fifth is slated to be drilled later this year.



Read More: ADM Energy Plc inks collaboration deals for Barracuda

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