Nigeria and São Tomé and Principe have awarded French oil giant Total exclusive right to begin oil exploration in three blocks 7, 8 and 11, located within the oil-rich Joint Development Zone (JDZ) owned by both countries.
A Production Sharing Contract (PSC) was signed between Total and the Nigeria-Sao Tome Joint Development Authority (JDA) at a ceremony in Abuja yesterday. To manage the hydrocarbon and non-hydrocarbon resources in the maritime boundary of the two countries, Nigeria, Sao Tome, and Principe formed the Joint Development Authority (JDA) in 2002.
Speaking at the PSC signing ceremony, the Managing Director Total Exploration and Production Nigeria (TEPN), Mr. Nicholas Terraz, said the oil company would invest more to acquire 3-dimensional seismic data in the blocks.
Terraz, said it would be too early to estimate the hydrocarbon potentials of the blocks, adding that more than 1000 squares kilometres of the field would be explored. The acting Chairman of the JDA, Dr. Almajiri Geidam, stated that the signing of the PSC with Total was aimed at reviving activities at the JDZ after years of idlenes.
DAILYTRUST
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