How Total, Chevron's pull out grounds $12m project

The withdrawal of Total, Chevron and Addax has grounded exploration activities for over 500 million barrels of crude oil reserves stranded in the Nigeria ' So Tom and Prncipe Joint Development Zone (JDZ) project. Over the years, the venture has proved to be a drainpipe, as it said to be running a hefty yearly budget of $12 million. While Total pulled out from Block 1 in August 2013, previously abandoned by Chevron in 2010, another oil company, after drilling two new wells in 2013, announced in July 2013 that the...The post How Total, Chevron's pull out grounds $12m project appeared first on New Telegraph Newspapers.
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