São Tomé and Príncipe and Equatorial Guinea discuss joint oil exploration

São Tomé and Príncipe and Equatorial Guinea are due Thursday in Malabo, the capital of Equatorial Guinea, to discuss joint oil exploration in an area that ​​overlaps the two countries, the Prime Minister of São Tomé said Tuesday.

Trovoada, who was speaking moments before departing for Equatorial Guinea, stressed that this 48-hour mission was aimed at creating a partnership for oil exploration in a joint maritime zone between the two countries, according to the proposal presented four months ago by the President of Equatorial Guinea Teodoro Nguema, during a visit to São Tomé and Príncipe.

Last October, President Teodoro Obiang recalled having signed the delimitation of the maritime border agreement with São Tomé and Príncipe, when it began oil exploration in the area concerned, and said the two countries should set up what he called a “joint enterprise” to “divide the proceeds of the exploration of this great reserve that is in our common border.”

In 2001 São Tomé and Príncipe signed a treaty on joint oil exploration with Nigeria for a maritime zone between the two countries, in which the Nigerian side is entitled to 60 percent of revenue and the remaining 40 percent is for São Tomé. (macauhub/ST)