Country Economic Memorandum for Sao Tome and Principe - Background Note 4 : Update on Oil and Gas Exploration and Production in São Tomé and Príncipe
Sao Tomé and Príncipe is surrounded by oil-producing neighbors, but haven’t found commercially viable oil in its territory so far. São Tomé and Príncipe (STP) is surrounded by major oil producing countries including Nigeria, Equatorial Guinea, and...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/831531562907780509/Country-Economic-Memorandum-Background-Note-4-Update-on-oil-and-gas-exploration-and-production-in-São-Tomé-and-Príncipe http://hdl.handle.net/10986/32136 |
| Summary: | Sao Tomé and Príncipe is surrounded by
oil-producing neighbors, but haven’t found commercially
viable oil in its territory so far. São Tomé and Príncipe
(STP) is surrounded by major oil producing countries
including Nigeria, Equatorial Guinea, and Gabon, but there
has not been any commercial oil or gas discoveries in the
country’s waters yet. STP is exploring for oil in two
different zones under different jurisdiction: the Joint
Development Zone (JDZ) with Nigeria, and the Exclusive
Economic Zone (EEZ). There are talks as well for a joint
exploration zone with Equatorial Guinea. The purpose of this
note is to update the status of oil and gas exploration in
STP and provide a probability and timeline for eventual
discoveries and commercial production. The answers to these
questions are key to the country’s long-term development
prospects, as it would alter dramatically STP’s development path. |
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