SAO Tome and Principe, the island country which jointly owns hydrocarbon assets in the Gulf of Guinea, is seeking to re-open talks with Nigeria on jointly exploring for oil in the Joint Development Zone, JDZ.

The search for resumption of talks is coming on the heels of the quest by French oil giant; Total, to acquire operating rights in one of the oil blocks in the zone.

Reports said the French oil company is in talks with Chevron to acquire the latter’s 45.6 percent stake in Block 1, of the JDZ. The decision is coming almost after six years of refusal by the oil company to explore for rights in the region.

Other operators of the block include Addax JDZ, Dangote Oil and Gas, Equity Resources, and Sasol Exploration and Production Nigeria.

However, exploration results in the joint offshore oil development zone have been disappointing and the process had been marred by issues on border demarcation.

But Total is optimistic that the venture will turn out to be a good buy, just like with the case with prosperous Akpo offshore block, which was formerly owned by Nigerian unit of ExxonMobil, which abandoned the offshore block based on misconception that there was would not be much hydrocarbon find in it.

Chevron refused to comment on the subject, but a top official of Total, who spoke with Vanguard in confidence, said in spite of negative reports on the finds in the region; it intends to deploy more sophisticated technology.

Although refusing to comment on the company’s change of heart with regard to operating in the JDZ and why Chevron divested from the asset, the official said that usually companies divest their assets, “If they thought it is no longer profitable or that the challenges were surrounding it were beyond its control.”

Meanwhile, Sao Tome and Principe recently extended the deadline for bids on blocks to which it has exclusive rights in the rich oil region, which has attracted a lot of interests by explorers.

“We want to re-dynamise this process of joint exploration with Nigeria,” Prime Minister Patrice Trovoada, said recently on his way to Abuja.

Under the current joint development agreements, deal, once oil starts flowing, Nigeria would receive 60 percent of the oil receipts while Sao Tome and Principe taking the balance of 40 percent.

A deadline for bids on new exploration blocks owned exclusively by Sao Tome and Principe on Wednesday, but prior to the time the government last week extended the process by 60 days to allow more companies to take part.