Recent Developments Nigeria, Sao Tome Meet JDZ Oil Blocs
Article from: OGEL 1 (2006), in Roundup of Articles
Nigeria, Sao Tome Meet Over JDZ Oil Blocs (17 Nov. 2005)
The Joint Ministerial Council (JMC) of the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ), yesterday (11.16.2005) met to ratify a prototype of the Production Sharing Contract (PSC) agreement that will govern exploration and production activities in five oil blocks recently allocated. The meeting, which had in attendance Nigeria's Minister of State for Petroleum Resources Dr. Edmund Daukoru along with his counterpart from Sao Tome, considered the draft proposals on the PSC. The PSC is a form of agreement where the operating company funds 100 ...