Key Provisions of The JDZ Treaty

The Key provisions of the JDZ treaty include:

• The establishment of the JDZ in a specific area defined be coordinates.
• The establishment of the Joint Development Authority (JDA) to develop and manage the petroleum and other natural resources in the JDZ.
• Sharing the proceeds in the proportion of 60 percent (Nigeria) and 40 percent (DRSTP)
• The treaty is varied for 45 years subject to a review after 30 years
• There will be no renumeration of claims for the period the treaty is in force
• An independent legal personality for the JDA
• A joint Ministerial Council (JMC) to have the overall political responsibility and to supervise the JDA