Key Provisions of The JDZ Treaty
Key Provisions of The JDZ Treaty
- Posted by cit
- On August 16, 2017
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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
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