Industry / Nigeria
New US Oil Major Find in JDZ
May 2006 | Company News AlertUS oil majors Chevron and ExxonMobil have struck oil in Block 1 in the Nigerian-Sao Tomean Joint Development Zone (JDZ), the result of the first well drilled by the two companies in this latest campaign. However, company spokespersons refused to divulge test well flows, saying that it is too soon to tell if the discovery could go commercial. A second well is in the works. Newspaper reports suggest reserves potential of up to one billion barrels. Chevron enjoys a 51% stake in the project, while Exxon holds 40% with a Norwegian-Nigerian joint venture holding the remaining 9%. Chevron et
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