ChevronTexaco
awarded exploration rights in Nigeria - Sao Tome and Principe bid
round
Posted: 28 April 2004
ChevronTexaco made operator and awarded 51 per cent of
Block-1
ChevronTexaco confirmed the announcement by the Nigeria - Sao Tome
and Principe Joint Development Authority (JDA) that its affiliate
company, 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 Sao Tome and Principe and Nigeria, which was unveiled
at a public ceremony in Sao Tome in October 2003.
"Naturally, we are very pleased with the decision by the Joint
Development Authority," said George Kirkland, president of
ChevronTexaco Overseas Petroleum. "This represents a new opportunity
to expand and strengthen further ChevronTexaco's asset base in West
Africa in alignment with our growth strategy for the region."
ChevronTexaco will be operator with a 51 percent interest in the
block, located approximately 190 miles (300 kilometers) north of
the city of Sao Tome in 5,700 feet (1,750 meters) of water. ExxonMobil
has been awarded a 40 percent interest. The remaining 9 percent
has been awarded to the Norwegian company Equity Energy Resources.
Adding his comments on the announcement, Jay Pryor, ChevronTexaco's
managing director for its Nigeria/Mid-Africa business unit, said,
"Block 1 represents an exciting opportunity to explore a new
and promising area. We are looking forward to finalizing all the
necessary contract details shortly so that we can be in a position
to commence exploration activities as early as possible in 2004."
Pryor also welcomed the progressive approach to governance and
transparency adopted by the Nigerian and Sao Tome governments throughout
the bidding process.
"Like ChevronTexaco, Presidents Obasanjo and de Menezes understand
that good governance is a cornerstone of good business and that
it is in all our interests to make progress in this important area,"
said Pryor. "The disclosure of the Block 1 signing bonus is
fully in line with what we have long believed and called for: that
efforts to address the management of oil revenues should be led
by affected governments, not imposed on them by others. We are pleased
that the JDA has taken this bold step, and we stand by to work openly
with the JDA in support of its future transparency efforts."
Concluding with a reference to ChevronTexaco's corporate responsibility
commitment in a new country of operation, Pryor noted that the company
already is collaborating with the Sao Tome government on a project
designed to roll back malaria and also is helping to develop programs
to enhance HIV/AIDS prevention and awareness among the country's
teenagers.
For more information see www.chevrontexaco.com
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
