London, UK | – São Tomé and Príncipe’s National Petroleum Agency on Friday signed a production-sharing agreement with the consortium made up of France’s Total E&P and Angola’s Sonangol, according to a statement released on Monday in São Tomé.
The production-sharing agreement, signed after the conclusion of negotiations with the consortium, is focused on oil prospecting in Block 1 of São Tomé and Príncipe’s Exclusive Economic Zone, the agency said.
Negotiations, which began on 9 November 2018, came after the National Petroleum Agency made the consortium an invitation following the presentation of a statement of interest.
Block 1 is one of 19 located in the São Tomé Exclusive Economic Zone, covering an area of about 129,000 square kilometres.
In addition to the Exclusive Economic Zone, São Tomé and Príncipe has a joint operation with Nigeria, based on a treaty that splits revenues by 60% for the Nigerian state and 40% for the archipelago.
