Nigeria, Sao Tome to Announce Winners of Oil Blocks
Xinhua News Agency Tuesday, May 17, 2005
The Nigeria-Sao Tome and Principe Joint Development Authority (JDA) is to announce winners of five oil blocks put on offer last November this week, an official from the Department of Petroleum Resources (DPR) of Nigeria said Tuesday.
"The winners will be announced before the end of the week," said the official who refused to be identified.
"Exxon-Mobil has exercised its 40 percent option right on Block One and reserved Related Products
Basic Drilling Technology - English
Nontechnical Guide to Petroleum Geology, Exploration, Drilling, and Production, 2nd Ed.
its 25 percent option on two blocks for the next licensing round," he added.
According to the source, the winners are chosen based on competence and wherewithal to operate in the deep offshore waters.
The Joint Ministerial Council (JMC) of the JDA met in April and decided the winners that had been approved by Nigerian President Olusegun Obasanjo and his counterpart Fradique Des Menezes of Sao Tome and Principe.
Exxon-Mobil reserved its 25 percent options on two blocks among the five on offer in the 2004 bid round because it could not be given the operatorship of the blocks in line with its desire.
American oil firm, ERHC Energy in which indigenous firm Chrome Energy has major stake, had similar options and had already exercised them and validated by the JDA.
Oil activities are imminent in the JDZ after the Production Sharing Contract (PSC) on Block One was signed between Chevron- Texaco, Exxon-Mobil, Dangote EER and the JDA in February.
rigzone.com |
