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Sao Tome and Principe pushing exploration in its waters

07th April 2014

Nigeria and Sao Tome and Principe have announced the use of "non-conventional" oil technology to explore their joint offshore zone.

Sao Tome and Principe Nigeria Exploration
Sao Tome and Principe has yet to find oil in its territorial waters despite being surrounded by some of the continent’s largest producers.

Nigeria and Sao Tome and Principe have announced the use of "non-conventional" oil technology to explore their joint offshore zone. They are hoping to start oil production within eighteen months, according to a statement issued by the countries.

Sao Tome and Principe has yet to find oil in its territorial waters despite being surrounded by some of the continent’s largest producers.

"Important decisions have been taken about the area and the organisation, such as the approval of new technology for oil and gas exploration as well as production at the Block 1 via non-conventional methods that will allow production to start in an 18 months' time," according to the joint statement.

The type of nature of the technology to be used has yet to be announced

Nigeria is already the continent’s largest oil producer, extracting just under two million barrels of oil per day.

Sao Tome has also been working with other lusophone countries to boost its oil and gas industry, having included Portugal's Galp Energia in the shortlist for contracts to lease two oil blocks in its territorial waters, according to a statement released by the state oil company ANP.

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