The significance of Sao Tome

[Grant Lee <grantlee@xxxxxxxxxxxx>]

[from allAfrica.com]

July 29, 2003

Hector Igbikiowubo

The bidding round for nine oil blocks in the Nigeria /Sao Tome and Principe
Joint Development Zone valued at $200 million have survived the coup scare
in the Island nation following the reinstatement of the deposed government
headed by President Fradique de Menezes last week .

* * * *

"Olegario Tiny, a permanent representative on Sao Tome's Joint Development
Agency (JDA) with Nigeria said; "if a solution with the military is found
quickly, during this week, there shouldn't be any negative repercussions.
"Seismic data suggests the offshore blocks in the Gulf of Guinea could hold
between four and 11 billion barrels of reserves at depths of between 1,500
and 2,500 metres. Coup leaders had demanded the eventual creation of a
government that will combat poverty and ensure that Sao Tome's 170,000
people see the benefits of the foreseable oil boom. It was disclosed that
even if negotiations with the coup leaders had dragged on, the auction would
have been only slightly delayed since multinational oil companies were still
trying to get on board."

http://allafrica.com/stories/200307290336.html