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Tuesday, March 19, 2019
French firm Total and Angola’s state-run oil and gas firm, Sonangol, will explore in the Exclusive Economic Zone (EEZ) of Sao Tome and Principe (STP) together. The two firms signed a PSA with the island nation’s National Oil Agency (ANP) to explore and produce oil from Block 1 in the EEZ.
Total has a 55% share in the license, Sonangol 30%, and the São Tomé and Principe government will hold the remaining 15%.
Block 1 is located in the deep waters of the EEZ and covers an area of 3,292 sq km. Both companies were obliged to pay a signature bonus of $2.5 million to gain access to the block. The partners will also spend $1 million over a four-year period on social projects in the country.
“Oil production – which we all hope will happen – can bring with it a fundamental contribution to what we do with the oil resources of this country towards an important progress for the people of São Tomé,” Olegário Tiny, head of ANP, was cited as saying in the Jornal de Angola.
The agreement has a duration of 28 years and defines the first eight years as an exploration phase.
“Total and Sonangol are very satisfied with the agreement of Block 1 and this event marks the entry of the Total group in São Tomé,” added Total representative Gui Maurice.
Total and Sonangol are partners in a number of offshore Angolan blocks. This is the first time they team up for operations outside of Angola.
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