Nigeria Sao Tome and Principe releases list of winners of JDZ Block1 –Obo Field
Activities will soon commence at the joint development zone of Nigeria Sao Tome and Principe. The joint development authority is in the process of releasing names of winners of Block 1 Obo field which is being anticipated to produce first oil at the 1Q of 2016.
Part of the criteria used in the bid evaluation in the letter of solicitation to companies that expressed interest in the development of Block 1 is the use of unconventional technology.
This latest development will trigger huge activities at the JDZ and a new legal framework by the JDA is expected attract more investors for the remaining acreages that are yet to be licensed. The joint development zone is close to the territorial waters of Nigeria and Equatorial Guinea . Geological similarities of the basins helped in forming experts’ opinion that the joint development zone holds up to 12 million barrels of crude oil.
The Nigeria – São Tomé and Príncipe Joint Development Authority is established by treaty that regulates the two countries' Joint Development Zone in the Bight of Bonny. The zone is alongmaritime Nigeria – São Tomé and Príncipe border n and also close to Equatorial Guinea.