Subsidiary of Chinese group Sinopec plans to explore oil block in Sao Tome and Principe

18 April 2013

Sinoangol, a subsidiary of the China Petroleum & Chemical Corporation (Sinopec), has expressed interest in exploring Block 2 of the Sao Tome and Principe Exclusive Economic Zone (EEZ), the Sao Tome and Principe National Oil Agency (AP) said.

A statement sent to Macauhub in Sao Tome, signed by the chief executive of the ANP, Luís Alberto dos Prazeres, also said that Sinoangol had presented a letter of application for direct negotiation of the offshore block.

The proposal from the Sinopec subsidiary has been presented within the scope of the Fundamental Law on Oil Operations in Sao Tome and Principe which allows contracts to be negotiated directly in “certain instances”.

Following Sinoangol’s request the ANP announced it was inviting applicants to declare an interest in Block 2 with a view to awarding it under the terms of the law.

The document signed by Luís Prazeres said that, if no other applications are made within 15 days, the Sao Tome authorities would launch direct negotiations with Sinoangol.

As well as its EEZ Sao Tome and Principe also has a joint oil exploration area with Nigeria, based on a treaty signed in February, 2001. (macauhub)