Chevron Texaco starts oil prospecting in Sao Tome and Principe

13 January 2006

Sao Tome, Sao Tome and Principe, 13 Jan – US oil company Chevron Texaco is due to begin drilling at bloc 1 in the joint exploration area of Sao Tome and Principe and Nigeria next Sunday, according to the Thursday edition of Sao Tome newspaper, Jornal de São Tomé e Príncipe.

The paper quoted Chevron regional spokesman Jonathan Lifa, who was in Johannesburg, South Africa for a seminar on the basics of the oil industry.

The seminar also included speeches by Tim Persons, director of the oil company for Sao Tome and Principe, and Aldino Amado, a representative of Chevron’s International Exploration and Production arm in San Ramon, California.

In his presentation Amado explained that the Sao Tome oil is located at a depth of around 1,700 meters in ultra deep waters and the cost of drilling is expected to total between US$400,000 and US$700,000 per day for the rental of the Discovery, the ship which will carry out the drilling work on the archipelago.

Chevron Texaco, together with US oil company Exxon Mobil, acquired the exploration rights for bloc 1 for US$123 million in the form of a contract signing bonus.

Chevron, which operates in 180 countries, is one of the largest in the world with more than 53,000 employees and 20 refineries. (macauhub)