USD 63.7606

-0.19

EUR 71.1696

+0.04

BRENT 59.24

+0.19

AI-92 42.28

+0.01

AI-95 46.04

+0.01

AI-98 51.75

0

Diesel 46.25

-0.01

15

Nigeria, Sao Tome Jpint Oil Production to Start

Oil production in the joint development area between Nigeria and Sao Tome...

Oil production in the joint development area between Nigeria and Sao Tome and Principe could start in 2010, Carlos Gomes, Gulf of Guinea Commission executive secretary said recently.

"Production could start in the joint area within four or five years if everything goes as planned," he said.

Gomes said the US oil major Chevron Corp. which found oil and gas in the first oil well to be drilled in the area, may conduct a second test in the third quarter of 2007.

Chevron couldn?t immediately be reached for comment. Until last August, Gomes chaired the Sao Tome-Nigeria Joint Development Authority, which was established six years ago to manage the offshore area common to both countries.

According to the scheme, Nigeria would have 60 percent of the oil profits in the area, while 40 percent would go to Sao Tome and Principe.