Nigeria and Sao Tome to offer joint exploration blocks

The governments of Nigeria and Sao Tome and Principe plan to offer exploration blocks in the offshore Joint Development Authority (JDA) shared by the two countries in the second half of this year, Nigeria's top oil official Rilwanu Lukman said.
Around 20-25 blocks would be offered, with water depths going up to 2,000 meters, Lukman said on the sidelines of an industry conference in London. Nigeria and Sao Tome ended a long-running boundary dispute earlier this year and agreed to set up the JDA.

Under the terms of the agreement, oil and gas resources recovered from the area will be split on a 60:40 ratio in favour of Nigeria. The joint acreage is close to Nigerian waters where sizeable finds have already been made, Lukman said.