The Joint Development Area between Sao Tome and Principe and Nigeria (JDA) may launch oil and gas production within 18 months, the joint authority said Friday in a statement issued in Sao Tome.
According to the statement cited by Portuguese news agency Lusa, the decision was made at the 22nd meeting of the joint ministerial council held on 11 and 12 March in the Nigerian capital, Abuja, where the JDA’s headquarters are located.
“Important decisions were made such as approving new technology for surveying and production of oil and gas in block 1 that will allow production to begin within an 18-month period,” said the statement signed by JDA president Arzemiro dos Prazeres and executive directors Luís Prazeres and Kashim Tumsah.
The JDA also approved a review of the legal framework for the joint development area, “to attract new investors and re-launch operations in the area,” and scheduled a meeting in Sao Tome for next May to discuss fishing resources and security in the area.
The statement also said that the JDA cannot be considered to be “a failed project” because its has not, after 12 years, reached the targets it set out at the beginning.” (macauhub)