Sao Tome prime minister announces auction of oil blocks at beginning of 2010

7 October 2009

Luanda, Angola, 7 Oct – The prime minister of Sao Tome and Principe, Rafael Branco, said Tuesday in Luanda that the archipelago’s first oil blocks would be up for auction in the first quarter of 2010.

Following an audience with the Angolan president, José Eduardo dos Santos, the Sao Tome prime minister said that he hoped Sao Tome and Principe would benefit from the “great experience that Angola has gained” in the oil sector.

“Angola is a benchmark country, it has a world class company (Sonangol) and has staff that it has trained throughout the years,” said Branco adding that he hoped Angolan and Sao Tome oil companies could “also cooperate” to develop the sector on the archipelago.

The head of the Sao Tome government said he hoped “not to make the same mistakes others made,” when they started oil production and he said he was hoping for Luanda’s support i“ this respect as well.

In June the National Oil Agency (ANP) of São Tome and Principe had said the auction would be held in November, but the legislation for the sector on the archipelago has yet to be published. (macauhub)