First São Tomé and Príncipe Exclusive Economic Zone (EEZ) Licensing Round 2010
Natural Resource Development: Value Creation and Retention
The Gulf of Guinea is one of the most productive regions in the world in terms of hydrocarbons and minerals; and São Tomé and Principe is poised to become an important oil producer. In 1995 it was discovered that São Tomé was sitting on huge offshore oil reserves – estimated to be between 6 to 10 billion barrels.
São Tomé and Príncipe is a developing country, whose economy is currently based on coffee, cocoa, small-scale agriculture and fishing. Located on the Gulf of Guinea, over the equator, approx. 220 km from the west shores of Africa, it is the second smallest state of the continent, after the Seychelles.
The archipelago is of volcanic origin. It is made of the islands of São Tomé (854 km²) and Príncipe (136 km²). Additionally there are some small islets whose surface is up to 1001 km².
São Tomé and Príncipe’s total population is about 140 000 (around 7 000 people in Príncipe). With a rich history, full of universal appeal, São Tomé and Príncipe is a real mosaic of culture. Saotomean population descends from natives of the Gulf of Guinea, Portugal, Angola, Cape Verde and Mozambique.
São Tomé and Principe and Nigeria, under the Joint Development Authority (JDA), are both managing the offshore oilfields located in their overlapping maritime border in the Gulf of Guinea. Under a treaty agreed in 2001, 40% of the oil revenue goes to São Tomé and Príncipe, and 60% to Nigeria.
There are ambitious plans to use oil revenues to build two free trade zones and turn the West African archipelago into a regional hydrocarbons shipping and manufacturing hub.
To capitalize on its natural wealth, São Tomé and Príncipe has initiated a series of policies aiming at training indigenous people and also encouraging local entrepreneurs to actively participate in the hydrocarbon and mineral sectors. This experience will be shared at the 14th UNCTAD Africa Oil, Gas, Minerals Trade & Finance, Conference and Showcase/Exhibition, and the overall problematic of local content and value retention will be extensively explored as it is the central theme of the São Tomé Conference.
This annual conference and exhibition is jointly organized by the United Nations Conference on Trade and Development (UNCTAD) and the Government of São Tomé and Príncipe, in cooperation with Cubic Globe Ltd, from 21st to 25th November 2010.
This well-established event follows former editions held since 1996 in Zimbabwe, Côte d'Ivoire, Namibia, Ghana, Cameroon, Angola, Morocco, Mozambique, Algeria, Kenya, Equatorial Guinea and Mali.
For more information on hydrocarbon and mineral industries in São Tomé and Príncipe, please visit the following websites: www.gov.st or http://www.anp-stp.gov.st or www.stptourism.st
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