Norwegian company plans to help Sao Tome and Principe carry out oil bloc auction

4 June 2007

Sao Tome, Sao Tome and Principe, 4 June – Norway’s Petroleum Geo-Service (PGS) has made itself available to provide technical assistance to Sao Tome and Principe in auctioning off oil blocs in the archipelago’s exclusive area in 2008, the company’s vice-president said Friday in Sao Tome.

Dan Whealing told journalists that his company had concluded and presented to the government the process relating to seismic surveys of the archipelago’s exclusive economic area.

“PGS has already concluded the work on seismic surveys and is available to provide assistance to Sao Tome and Principe in the bloc auction,” said Whealing on leaving a meeting with Sao Tome prime minister, Tomé Vera Cruz.

The seismic survey, carried out based on an agreement set up in 2001 with Sao Tome and Principe, the seismic surveys identify geological structures that may contain hydrocarbons, in an area of 10,870 square kilometers in deep waters of the archipelago’s seas.

PGS’s seismic data was reassessed a little over a month ago by UK company British Geological Survey, contracted by Sao Tome and Principe’s national Oil Agency.

As well as its exclusive area, Sao Tome and Principe also has a joint exploration area with Nigeria base don a treaty stating that Nigeria receives 60 percent of revenues while 40 percent goes to Sao Tome. (macauhub)