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 SAO
TOME & PRINCIPE
West Africa
The tiny volcanic island group of São Tomé and
Príncipe lies in the Atlantic Ocean 250 kms west of
mainland Gabon and Equatorial Guinea. The 150,000 people of exist on cocoa, fish, aid and tourism but oil
will
dramatically alter the former Portuguese colony.
Part of this unexplored offshore area overlies the
southernmost part of the Niger fan and part the western edge of the Rio
Muni basin. A Joint Development Zone (JDZ) set up with Nigeria in
January 2001 allowed bidding for 9 deep water blocks labelled 01, 02, 03,
04, 05, 07, 08 and 09.
 Under the JDZ arrangement, Nigeria's share of the
reserves in the region is 60% and Sao Tome, 40%. In early 2003 the
president dissolved parliament with the intent to hold new elections,
originally not scheduled until 2006. He wished to renegotiate oil
exploration contracts his predecessor signed over the JDZ with Nigerian,
US and Norwegian companies after the World Bank told him they were
unfair to the country.
Meanwhile deputies proposed changing the constitution to
reduce the president's powers and give parliament more control over the
oil sector. In 2004 the first exploration license was issued to
ChevronTexaco and ExxonMobil to explore Block 01 and he first well was
drilled in 2006.
Invitations for bids on blocks 02, 03, 04, and 06 were
requested in late 2004 in a 2nd Round of licensing whilst blocks 05, 08,
and 09 were withheld because they lie in deeper waters.
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CAPITAL
São Tomé
Population
0.2 million
Onshore area
(000's sq kms)
1.0
Offshore area
(000's sq kms)
NEW
OIL PEAK YEAR
forecast 2025 |
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