São Tomé and Príncipe and Equatorial Guinea discuss joint oil exploration

São Tomé and Príncipe and Equatorial Guinea have signed an agreement for joint oil exploration in a maritime zone that overlaps between the two countries, São Tomé’s President announced on Wednesday in São Tomé.

Evaristo Carvalho took stock of an official visit to Equatorial Guinea at the invitation of his counterpart, Teodoro Obiang Nguema, with whom he discussed and agreed on some content of the framework agreement on economic, scientific and cultural cooperation between the two countries.

“We have signed some agreements and protocols, mainly in the area of joint exploration of maritime resources, which could bring benefits to our economic and financial situation,” said the São Tomé head of state.

Having stated that “the government of Equatorial Guinea is ready to immediately start” the agreement on joint oil exploration, Carvalho said that everything would depend on the “will and dynamics” of the archipelago’s government.

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)