National Extractive Industry Transparency Initiative

Extractive industry stakeholders

ChevronTexaco JDZ Limited, has been awarded the right to conduct exploration activities in deepwater Block-1 in the Joint Development Zone (JDZ). The award follows the company's $123 million bid for the block, located offshore São Tomé and Príncipe and Nigeria, which was unveiled at a public ceremony in São Tomé in October 2003. ChevronTexaco will be operator with a 51 percent interest in the block, located approximately 190 miles (300 kilometers) north of the city of São Tomé in 5,700 feet (1,750 meters) of water.

"EER was established in August 2003 in Norway, with our main operating office in London. We are an international company, focusing on Africa and the Middle East. In Sao Tome and principe, we operate in JDZ Block 1. The Nigeria São Tomé and Príncipe Joint Development Zone (JDZ) is located in the deepwater Niger Delta. The block is adjacent to major Nigerian discoveries including the Akpo discovery (estimated at 600MM bbls oil plus 500MM bbls discovery potential). The water depth ranges from 1,500 to 2,200 metres. JDZ Block 1 is operated by Chevron, and EER originally held a 4.41% equity interest through its joint venture with Dangote Oil & Gas Ltd. Afren has assumed EER’s share of this joint venture, but EER remains entitled to receive up front payments based on reserves approved for development."