The Joint Ministerial Council (JMC) of the Nigeria-Sao Tome and Principe Joint Development Authority ( JDA) rose from a 3-day meeting with a resolve to adopt the award of five blocks.

The award is subject to the endorsement of Presidents Olusegun Obasanjo and his Sao Tome and Principe counterpart Fradique Des Menezes.

According to a communique issued at the end of the meeting on Thursday, the endorsement of the heads of state is in line with the JDZ Treaty which on November 15, 2004 put five blocks on offer which attracted wide participation.

The five blocks had earlier been awarded but could not be announced due to the non-endorsement of the presidents of Nigeria and Sao Tome and Principe.

"Spirited efforts are being made to secure a speedy endorsement by the heads of state," the statement said, adding the licensing round was conducted in conformity with the principles of accountability and transparency.

The JDA was established in 2002 to manage hydrocarbon and non- hydrocarbon resources in the JDZ on 60/40 basis in favor of Nigeria.

Source: Xinhua