Total, Nigeria, Sao Tome and Principe in a tripartite agreement signed an oil production sharing contract.
It was revealed in a joint statement that “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.”
Managing Director of Total E&P, Nicholas Terraz, was of the view that the company would take on 100 percent of the financing, but may seek partners as discoveries are made.
The estimated reserves of the blocks – 7, 8 and 11 – were not disclosed, but Total will be the first to do seismic studies. This is another testament that the International Oil Company is indeed committed to better energy not just in Nigeria but across the continent of Africa.