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Sinopec starts in July in prospecting Joint Development Zone of Nigeria-Sao Tome and Principe [2009-06-23]


Lagos, Nigeria, 23 Jun - China Petrochemical and Chemical Corporation (Sinopec) will commence drilling the first exploration wells in the Joint Development Zone of Nigeria-Sao Tome and Principe in July, informed the news agency Bloomberg.

Citing officials of Joint Development Zone (ZDC) jusfificaram that the delay in the absence of market platforms for deep water for lease, the agency said that Sinopec is now speeding up exploration in Block 2.

"The platform for deepwater transoceanic SEDCO-702 should reach the Block 2 around July 1, given that the drilling will begin immediately," said one of the officials.

Both Sinopec as a table of employees of ZDC excuse to speculate on the potential reserves of the block, but information from the sector point to an estimated 275 million barrels.

The Joint Development Zone of Nigeria-Sao Tome and Principe was created by the two countries in 2001 and the treaty demarcated and defined a polygon around 36 thousand square kilometers in which both the exclusive economic zones overlap, creating an area of bilateral exploitation of natural resources.

The Treaty provides that it is a part of Nigeria to 60 percent of revenue from oil exploration in the joint, starting with "signing bonus" of blocks and the remaining 40 percent fall in Sao Tome and Principe, and the reserves totals are estimated at 12 billion barrels. (macauhub)

http://www.macauhub.com.mo/pt/news.php?ID=7612