BRIEF INFORMATION ABOUT THE DEPARTMENT:
The Commercial and Investment Department is one of the 4 (four) departments that make up the Nigeria-Sao Tome and Principe Joint Development Authority (NSPJDA).
The key function of the department is the handling of commercial issues and the planning, sourcing and management of investment activities in the Joint Development Authority (JDZ).
Other key roles are as follows: -
- Handling of all Commercial and Investment Issues in the JDZ.
- Management of the Production Sharing Contracts (PSC).
- Economic evaluation and management of contracts and leases.
- Responsible for managing JDA`s Investment portfolios.
- Management of social projects and scholarship obligations of operators.
- Collection of Area and Concession rentals in line with the PSC.
- Registration of Oil and Gas Companies (Vendors). Click to View….
- Logistics and material management.
- Collection of royalties and other relevant fees.
- Local Content Management
INFORMATION FOR NEWS
The JDA is currently reviewing the Fiscal Terms and other Statutory Documents and regulations relating to Petroleum Operations in the Joint Development Zone (JDZ). This review is necessitated partly due to the recent drilling results in the JDZ and also to make the zone more attractive to aspiring investor willing to partake in the development of the JDZ Oil and Gas assets.
The JDZ Investment International Limited (JDZIl) commenced operation in the 1st quarter of 2013. This is a Special Purpose Vehicle (SPV) strategically put in place to source, capture and enter into any viable business opportunities on behalf of the JDA.
The JDA recently organised a highly attended workshop in the DRSTP from the 5th-8th of May 2014 tagged “Maritime, Policing, Security and the Development of Non-Hydrocarbon Resources in the Nigeria-Sao Tome & Principe Joint Development Zone”.
SOCIAL PROJECTS AND SCHOLARSHIP
The Production Sharing Contract (PSC) mandates that Operators and Contractor Parties in JDZ Blocks 1-6 to undertake certain commitments as part of their Corporate Social Responsibility (CSR) in the state parties.
So far, a total of 55 Projects have been completed and handed over for use along with a total of 2,399 indigenes from the state parties have been awarded scholarship. View Projects…
PLANNED AND FUTURE WORK:
Currently the Commercial and Investment Department is working aggressively to achieve the following: -
- Review of JDZ Fiscal Term and other Regulatory Documents.
- New Investors for JDZ Blocks 1-4.
- Ensure timely completion of on-going Social Projects.
Moving forward, the JDA is making steady progress as regards the development of the various Oil and Gas assets in the JDZ, most particularly the Obo-1 Well discovery.
It is also pertinent to note that the JDA is currently in talk with quite a few Exploration and Production (E&P) companies, who have shown interest in acquiring stakes in some of the JDZ Assets, particularly JDZ Blocks 1-4.