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Tuesday, March 19, 2019
The signing of a new PSC by Total Nigeria will see exploration kick off on three blocks in the Joint Development Zone (JDZ) between Nigeria and the tiny island nation of Sao Tome and Principe (STP).
The new PSC grants Total the exclusive rights to begin exploration activities in blocks 7, 8, and 11. Having never been explored before, the blocks carry the potential of over 500 million barrels of untapped crude oil.
According to reports, Total will invest more than $10 million in acquiring 3D seismic data of oil and gas prospects in the blocks.
“This is for seismic acquisitions and the investment is over $10 million. It is too early to tell the quantity of oil. We have a four-year exploration period and during which we will need to acquire the seismic data. Total will be funding 100% for the time being,” Nicholas Terraz, MS of Total E&P Nigeria said at the PSC signing ceremony, which was held in Abuja.
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