So Tom and Prncipes Prime Minister, Patrice Trovoada, envisions oil production within a decade.Industry experts, however, remain cautious about setting timelines.
This oil prospect holds significant potential for the archipelago.Colonial authorities initiated oil exploration in So Tom and Prncipe in 1876.
However, meaningful efforts only began in the late 1960s.The country gained independence in 1975 and resumed onshore oil exploration in 1989.
By 1997, the focus had shifted offshore, attracting global companies.Hoping for offshore oil, the country worked on delimiting maritime boundaries with Gabon and Equatorial Guinea.So Tom and Prncipes Oil Ambitions: A Decade Away? (Photo Internet reproduction)Additionally, it established a joint exploration zone with Nigeria.
These steps aimed to resolve territorial disputes and ensure fair resource sharing.After 27 years of negotiations, contracts, research, and drilling, Trovoada announced potential oil extraction in the next five to ten years.Galp Energy is a key player, holding stakes in So Tom and Prncipes exclusive economic zone.So Tom and Prncipes Oil ProspectsThis is a risky project.
We drilled the Jaca well, providing an active petroleum system.
Now, we seek other potential commercial areas.However, it might take a decade to extract the first barrel, said Adriano Bastos, a Galp representative.Former Infrastructure and Natural Resources Minister Osvaldo Abreu remains optimistic about finding commercial quantities of oil in the Jaca block, first drilled in 2022.He confirmed three rock formations indicating high-quality oil but criticized poor information management.
This led to unfulfilled expectations and public disillusionment in 2000.Abreu, who authored a book on So Tom and Prncipes oil prospects, cautioned against potential downsides.He emphasized the need for robust institutions to combat corruption, mismanagement, and phantom companies.Without these measures, oil wealth could exacerbate social divisions and instability.In conclusion, while the dream of oil in So Tom and Prncipe sparks hope, it also requires careful planning and strong governance.
This approach aims to avoid pitfalls experienced by other oil-rich nations.