JDZ May See Oil Production

Thursday, April 3, 2014

The Joint Development Zone (JDZ) between Sao Tome and Principe (STP) and Nigeria may see oil and gas production within 18 months according to the Joint Development Authority (JDA) in a statement.

The statement, signed by JDA President Arzemiro do Prazeres and executive directors Luis Prazeres and Kashim Tumsah said, “Important decisions were made such as approving new technology for surveying and production of oil and gas in Block 1 that will allow production to begin within an 18-month period.”

It was also reported in the statement that the JDA has approved a review of the legal framework for the JDZ, “to attract new investors and re-launch operations in the area.”

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