Nigeria, Sao Tome and Principe, Total sign oil sharing deal

Emmanuel Ibe Kachikwu, Minister of State for Petroleum
Emmanuel Ibe Kachikwu, Minister of State for Petroleum

Nigeria, Sao Tome and Principe and Total SA have signed an oil production sharing contract on Thursday, according to a joint statement.

“Nigeria and Sao Tome and Principe through their joint oil zone organization have signed a production sharing contract with Total E&P (Exploration and Production) Nigeria Limited 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.

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The estimated reserves of the blocks – 7, 8 and 11 – were not disclosed, but Total will be the first to do seismic studies, the statement said.

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