Sao Tome and Principe: Government plans unchanged despite delay in start of oil prospecting

12 December 2008

Sao Tome, Sao Tome and Principe, 12 Dec – The execution of the Government programme in Sao Tome and Principe will remain unchanged despite a delay in the start of oil prospecting in the Sao Tome and Principe/Nigeria Joint Development Area, Sao Tome’s prime minister said Thursday.

Speaking to Portuguese news agency Lusa, Rafael Branco said that his government was not counting on oil revenues to fund the State Budget for 2009, which was approved by Parliament Wednesday.

Some of the companies operating in the Sao Tome and Principe/Nigeria Joint Development Area said there would likely be a delay of a year in the process of prospecting in the “intact” blocks, at a time when oil companies are re-thinking their investments due to a fall in teh price of hydrocarbons.

The State Budget for 2009 was approved with favourable vote from the three parties that support the government and rejected by the ten opposition members , from the Acção Democrática Independente (ADI) party.

The document will now be discussed in detail and within the next tem days is expected to receive overall approval. (macauhub)