Total to buy Chevron stake in Nigeria-Sao Tome block

摘要

Cape Town-France’s Total said July 15 it has signed an agreement to buy Chevron’s 45.9% stake in block 1 in the offshore Joint Development Zone shared between Nigeria and Sao Tome and Principe. The sale, which had been predicted as likely to happen by the head of Sao Tome’s state petroleum agency in June, will see Total become operator of the block. Only one well has been drilled in the block so far, back in 2006, but it did not prove commercial.