15 years later, Nigeria–Sao Tome JDZ remains unproductive

Over the years, the venture has proved to be a drainpipe, as it said to be running a hefty yearly budget of $12 million. Already, a United States (U.S.)-based firm, ERHC Energy Inc., which has interest in blocks 2, 3, 4, 5, 6 and 9, has invested over $500 million into exploration activities without significant result. More »