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Total awarded Nigeria-Sao Tome JDZ blocks

15 Mar 2019

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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

Original article link

Source: Reuters

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