15.07.10 Nigeria Focus
Total acquires share of Block 1 in the Joint Development Zone
Map of Joint Development Zone (JDZ), Nigeria
Total has bought Chevron's 45.9 per cent share in Block 1 in the Joint Development Zone (JDZ), Nigeria. Total will operate the block collaboratively with a number of
international oil producers including Sinopec's subsidiary Addax, Dangote Energy Equity Resources and Sasol Exploration and Production Nigeria.
The acquisition is in line with Total's plans to expand its operations in
Africa, particularly in the Gulf of Guinea. At present, Total's operations in
the
region produce around 750,000 barrels of oil equivalent per day accounting for
33
per cent of Total's overall production.
The JDZ is regulated by a treaty signed by Nigeria and Sao Tomé and Principe in
2001 for a period of 45 years. The license granted to Total extends over an
area
of approximately 700 m2 in water depths ranging from 1,600 to 1,800m. Within this license, a discovery
was made in 2006 (Obo-1 well). The proximity of the Total-operated licenses and
facilities in Nigeria will enable cost reductions in developing the license's
resources.
To find out more about Total please visit Total's web site, which you can find here.
For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.
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