10/28/2022 0 Comments Nigeria oil blocks mapIf others look back to see Total, they will want to come. “Having Total back to our JDZ gives us so much confidence. He noted that the oil blocks assigned to Total had not been explored before now, and that the company would be the first to explore it. The Executive Director, Monitoring and Inspections at the JDA, Dr Ibiwari Jack, said while the potential of the oil blocks were unknown, Total’s exploration of same would provide partners with the details of the hydrocarbon content of the blocks. Total will be funding 100 per cent for the time being.” We have a four-year exploration period and during which we will need to acquire the seismic data. It is too early to tell the quantity of the oil. He said, “This is for seismic acquisitions, and the investment is over $10m. In his address at the PSC signing ceremony on Thursday, the Managing Director, Total Exploration and Production Nigeria, Nicholas Terraz, said his firm would invest more than $10m to acquire 3-dimensional seismic data of oil and gas prospects in the blocks.Īccording to him, it would be too early to estimate the hydrocarbon potential of the blocks, adding that more than 1,000 squares kilometres of the field would be explored. Parties to the deal then signed the JDZ in Abuja on February 21, 2001. Considering the fact that neither of the two countries could have explored the resources in the zone without interfering with their maritime rights, it was added that they agreed in a treaty to create a Joint Development Authority to develop the field and mutually benefit from its resources.
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