TOTAL HAS AGREED to acquire Chevron’s 45.9 per cent interest in block 1 in the Joint Development Zone (JDZ) in the Gulf of Guinea.
p align="left" style="margin-bottom: 0cm;">TOTAL HAS AGREED to acquire Chevron’s 45.9 per cent interest in block 1 in the Joint Development Zone (JDZ) in the Gulf of Guinea.
The JDZ is governed by a treaty signed by Nigeria and Sao Tomé and Principe in 2001 and is in force for 45 years. The transaction is subject to approval by relevant authorities.
Total will operate block 1 in partnership with Addax Petroleum, Dangote Energy Equity Resources, and Sasol Exploration and Production Nigeria.
The license covers an area of nearly 700 sq km in water depths ranging from 1,600-1,800 m. It includes one discovery, the 2006 Obo-1 well.
Total says the proximity to its operated licenses and facilities offshore Nigeria should help development of the license’s resources. It adds that this acquisition is in line with its strategy of expanding its exploration and production operations in the Gulf of Guinea.