The Nigeria-Sao Tome and Principe Joint Development Authority (JDA) said Thursday that it will sign production sharing contracts with winners of five oil blocks in the two country's joint development zone in October.

In a statement, the JDA said the initial production sharing contract meetings would hold in Nigeria's capital Abuja between Aug. 26 and Sept. 8, on blocks 2 to blocks 6, which were put on offer in November last year.

It said the final comment on the contract was expected from the contractors on Sept. 16, after which officials of the two countries would meet to consider and approve the contracts preparatory to the signing.

The statement expressed appreciation to all the winners, mainly US firms like ERHC Energy and Noble, and reiterated JDA's determination to work hard towards the timely completion of all the processes.

The JDA was established in February 2002 to exploit and manage hydrocarbon and non-hydrocarbon resources in the joint development zone between the two countries, which are located in the oil-rich Gulf of Guinea.

Studies have revealed the presence of between 6 billion and 12 billion barrels of crude oil in the joint development zone.

Source: Xinhua