Petrobras, a leading Brazilian oil company, has partnered with Shell to commence oil exploration within São Tomé and Príncipe’s Exclusive Economic Zone (EEZ).
The partnership signifies a crucial step for São Tomé and Príncipe, indicating progress towards discovering profitable oil reserves.
The agreement sees Petrobras taking a 45% interest in blocks 10 and 13, and a 25% interest in block 11 of the EEZ. Shell also plays a major role, securing a 40% stake in blocks 10 and 13.
The National Petroleum Agency of São Tomé and Príncipe (ANP-STP) holds a 15% stake, showcasing the state’s involvement and interest in these endeavors.
Additionally, block 11’s stakes are distributed among Shell, Galp, Petrobras, and ANP-STP, highlighting a collaborative approach to exploration.
Álvaro Silva, ANP-STP’s executive director, has expressed high expectations for Petrobras, given its deep and ultra-deepwater exploration expertise.
This expertise is anticipated to significantly advance the consortium’s efforts to discover oil with commercial potential.
ANP-STP’s dedication to policy and reform attracts reputable companies, boosting São Tomé and Príncipe’s oil sector competitiveness.
Legislative modernization and flexibility are key to making the region more inviting for oil operations.
Silva pledges ongoing collaboration with oil companies, showcasing a humble yet determined partnership to achieve state objectives.
Officials, including Minister José Rio, witnessed the contract signing in São Tomé, solidifying its importance.
Galp and Shell announced an inactive oil system in the “Jaca” well, but efforts to assess continue.
In short, the venture leverages global expertise to unlock São Tomé and Príncipe’s oil potential, fostering economic growth and development.