Government of Sao Tome and Principe to auction just 7 of 19 oil blocks

1 March 2010

Sao Tome, Sao Tome and Principe, 1 March – The government of Sao Tome and Principe is to auction just 7 of the 19 oil blocks identified in the archipelago’s exclusive economic zone (EEZ) the National Oil Agency (ANP) said Saturday in Sao Tome.

“With the acquired rights issue has been resolved, as established in the agreements, the government has selected seven oil blocks for auction,” said a statement from ANP.

Environment Remediation Holding Corporation (ERHC) and Equator Exploration have preferential rights on four blocks in the EEZ.

The statement also said that the preferential rights of the companies “are part of the agreements signed by the Sao Tome state and ERHC in 1997, and renegotiated in 2001 and 2003 and with Equator Exploration in 2001 and renegotiated in 2003.”

The auction process for the blocks will take place on 2 March, on the sidelines of the “APPEX 2010” oil and gas conference, which will take place from 2 to 4 March in London, organised by the American Association of Petroleum Geologists (AAPG). (macauhub)