The license extends over an area of close to 700sqkm in water depths ranging from 1,600mt to 1,800mt. Within this license, 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.
This acquisition is in line with Total’s strategy of expanding its exploration and production operations in the Gulf of Guinea. The JDZ is governed by a treaty signed by Nigeria and Sao Tome and Principe in 2001 for a period of 45 years.
In 2009, Total’s equity production in Africa averaged close to 750,000 barrels of oil equivalent per day (including that of unconsolidated subsidiaries), accounting for 33% of the Group’s total production.
