Sao Tome’s oil agency to release results of studies

1 August 2007

Sao Tome, Sao Tome and Principe, 1 Aug – The National Petroleum Agency (ANP) of Sao Tome is staging a conference Thursday on oil studies made in the islands’ exclusive economic zone, where a petroleum licensing round is due to be launched in 2008, officials said.

This week’s conference in Sao Tome will center on the presentation of results from seismic studies and a survey on the country’s economic development models, said an official statement released Tuesday by the ANP.

Sao Tome’s oil studies have been carried out with assistance from the British Geological Survey and the UK’s Aberdeen University Petroleum Economic Consultants.

ANP officials said a few weeks ago that they had identified likely hydrocarbons deposits in 18 areas of Sao Tome’s territorial waters.

Sao Tome plans to launch a licensing round for exploration blocs in its territorial waters next year with support from the World Bank, which has commissioned seismic studies from Petroleum Geo-Service, PGS of Norway and review of these by the British Geological Survey.

Sao Tome also operates a joint development zone with Nigeria, splitting oil revenues 60/40 in Abuja’s favor. ChevronTexaco struck oil in this exploration area last January, but said it had not yet found commercially viable deposits. (macauhub)