A new production sharing contract (PSC) yesterday entered into by Nigeria, Sao Tome and Principe Joint Development Authority (JDA) and Total Nigeria Plc is to exploit over 500 million untapped barrels of crude oil in West Africa.
Coming 18 years after an earlier treaty was struck, Total and major stakeholders from the two nations as well as the managers of the zone, citing changing technology and experience, were upbeat about the development.
Indeed, the oil major is staking $10 million in exploration of three oil blocks (seven, eight and 11) in the zone, the acting chairman of JDA, Dr. Almajiri Geidam, disclosed at the signing ceremony in Abuja.
The Joint Development Zone (JDZ), managed by the authority, is an area bordering the two countries to the fringes of the Atlantic Ocean that is rich oil and gas reserves. Read more
