Block 1 May Have More Than A Billion Barrels, Daukoru Says

Nigeria's oil minister and the current President of OPEC, Dr. Edmund Daukoru, told UpstreamOnline's veteran petroleum industry reporter Barry Morgan this week that the rumored discovery by ChevronTexaco in Block 1 of the Nigeria-Sao Tome and Principe Joint Development Zone may be larger than first thought - "more than a billion barrels," Daukoru said.

The report is self-explanatory, so here it is:

UPSTREAM JDZ bonus payments due soon

By Upstream staff

THE Joint Development Authority managing the Gulf of Guinea joint development zone between Nigeria and Sao Tome has indicated that all signature bonuses payable for production-sharing licences signed last month will be due by 14 April and that drilling on blocks 2, 3 and 4 should start before the end of the year, writes Barry Morgan.

Also, indications of a "possible billion-barrel find" in its debut wildcat on Block 1 by operator Chevron were cautiously backed by Nigerian Minister of State for Petroleum Resources Edmund Daukoru in Abuja this week.

"Possibly more than 1 billion and more than originally thought. Obo-1 is not a disappointment, though I am waiting to hear the final result," he said.

Interest Is Slowing

VISITS

Total 152,068
Average Per Day 1,382
Average Visit Length 1:54
Last Hour 57
Today 1,341
This Week 9,675

PAGE VIEWS

Total 212,040
Average Per Day 1,805
Average Per Visit 1.3
Last Hour 71
Today 1,718
This Week 12,636