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Total announces the signature of an agreement to acquire Chevron’s 45.9 per cent interest in Block 1 in the Joint Development Zone (JDZ).
Total will operate the block in partnership with Addax Petroleum JDZ 1 Limited, Dangote Energy Equity Resources and Sasol Exploration and Production Nigeria Limited. The JDZ is governed by a treaty signed by Nigeria and Sao Tomé and Principe in 2001 for a period of 45 years. This transaction is subject to approval by relevant authorities.
The license extends over an area of close to 700 square kilometres in water depths ranging from 1,600 to 1,800 metres. Within this licence, a discovery was made in 2006 (Obo-1 well). The proximity of the Total-operated licenses and facilities in Nigeria will enable cost reductions in developing the license’s resources.