ChevronTexaco wins exploration rights in Nigeria – São Tomé and Príncipe

The Nigeria – São Tomé and Príncipe Joint Development Authority (JDA) has awarded ChevronTexaco JDZ Ltd. exploration rights in deepwater block-1 in the joint development zone (JDZ).

The Nigeria – São Tomé and Príncipe Joint Development Authority (JDA) has awarded ChevronTexaco JDZ Ltd. exploration rights in deepwater block-1 in the joint development zone (JDZ).

The award follows the company's $123 million bid for the block, 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% interest in the block, 190 mi north of São Tomé in 5,700 ft of water. ExxonMobil has won a 40% interest. The remaining 9% has been awarded to the Norwegian company Equity Energy Resources.

04/27/04

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