São Tomé and Príncipe has earned US$60 million from oil operations

13 May 2015

The first report submitted by São Tomé and Príncipe in the scope of the Extractive Industries Transparency Initiative (EITI) indicates that the island state received US$60 million in the 2003/2013 period, the local press reports.

The document drawn up to support its application to the EITI, shows that the amount received derives from subscription bonuses, taxes and duties linked to oil exploitation in the São Tomé and Príncipe/Nigeria joint zone from 2003 to 2013, as well as in São Tomé and Príncipe’s exclusive zone in the 2011-2013 period.

This document is considered a first stage in the process to attain recognition of São Tomé and Príncipe as a country that fulfils the transparency criteria determined by the EITI.

A second report should be published this coming October, when it will be possible to better determine whether São Tomé and Príncipe indeed respects the set of standards in place since 2003 and now covering 46 countries.

This first report was presented on Tuesday in São Tomé, following a Monday meeting between Finance and Public Administration Minister Américo Ramos with an EITI delegation from Timor-Leste, which was on a working visit to São Tomé and Príncipe.

EITI delegations from Timor-Leste and Mozambique were in São Tomé to take part in the ceremony to present the first report on oil activities. (Macauhub/MZ/ST/TL)