Nigeria, Sao Tome and Principe and Total signed an oil production sharing contract on Thursday, according to a joint statement.
'Nigeria and Sao Tome and Principe through their joint development zone organization (JDZ) have signed a production sharing contract with Total E&P (Exploration and Production) Nigeria that will prospect for oil in three blocks,' the statement said.
Nicholas Terraz, the managing director of Total E&P, said the company would take on 100 percent of the financing, but may seek partners as discoveries are made.
The estimated reserves of Blocks 7, 8 and 11 were not disclosed, but Total will be the first to do seismic studies, the statement said.
See related article: Nigeria, Sao-Tome and Principe award three oil blocks to Total