Sao Tome and Equatorial Guinea reactivate partnership for oil exploration

26 October 2016

Sao Tome and Principe and Equatorial Guinea have resumed talks to create a partnership for oil exploration on their common border, announced Tuesday the new Equatorial Guinea ambassador, Paulino Ekobo, resident in Sao Tome.

After the President of Sao Tome, Evaristo Carvalho, received his letter of credentials, Paulino Ekopo said oil exploration was one of the priority areas of his diplomatic mission within the framework of cooperation between Equatorial Guinea and Sao Tome and Principe.

“During the mission, we will push to make the agreement signed in the oil sector a reality,” said the Equatorial Guinea diplomat referring to the resumption of talks as part of a process that began almost 12 months ago between the two countries.

The pre-agreement to establish a partnership for the exploration of oil in the common border was signed in October 2015 at the end of a visit by the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, to Sao Tome and Principe.

In addition to the creation of a joint company related to the oil sector, the pre-agreement stipulates the exploration of a block located in an overlapping area between the two member states of the Community of Portuguese-Speaking Countries (CPLP).

Sao Tome and Principe has a joint oil exploration zone with Nigeria based on a political treaty signed in February 2001 resulting from similar talks to the ones it is now having with Equatorial Guinea. (macauhub)