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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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