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ExxonMobil has exercised only one of its preferential bids for crude oil exploration and development in the Nigeria – Sao Tome and Principe Joint Development Zone (JDZ). ExxonMobil matched ChevronTexaco’s bid on Block 1, leaving the Joint Development Authority to determine the final number of stakeholders for what is considered the JDZ’s most valuable block and which company will become the operator. Chrome Energy is in the process of exercising its preferential bids. Meanwhile, an ExxonMobil official cautioned that the Government of Sao Tome may not be prepared to deal with the complexities of modern oil development…View full text
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