LUSA 07/20/2024

Lusa - Business News - Sao Tome and Principe: TotalEnergies to buy 60% of block STP02 from state agency

Paris, July 19, 2024 (Lusa) - French oil company TotalEnergies has signed an agreement to buy 60% of block STP02, off the coast of Sao Tome and Principe, from the local National Petroleum Agency (ANP-STP), keeping Sonangol in the operation. 

According to a statement sent to the market, the French company announced that ANP-STP will maintain its 10% stake in the block, as will Angola's Sonangol, which will maintain its 30% stake in this block, which is located off the coast of Sao Tome and Principe, and is next to block STP01, which is operated by TotalEnergies, with 55%, Sonangol (30%) and ANP-STP, with 15%.

"Following the encouraging prospecting operations carried out in Block STP01, with 3D seismic data technology, TotalEnergies continues to make progress in its exploration endeavours in Sao Tome and Principe," said the French oil company's senior vice president for exploration, Kevin McLachlan.

The first drilling in the country was carried out in 2022, by the consortium formed by Galp and Shell, but without discovering oil in marketable quantities. 

In a speech last month at an international conference marking the 20th anniversary of the institutionalisation of the ANP-STP, the prime minister of Sao Tome and Principe, Patrice Trovoada, said that he wants a country geared towards tourism and preserving the environment, and that oil was just a bonus. 

"If we have oil tomorrow, we don't want this euphoria to lead us to accept everything and everyone, just for the sake of money," said Trovoada, emphasising that oil and gas should remain offshore, while whatever has to be done on land will always be done with the "concern of doing things as cleanly as possible, with the least possible aggression towards the environment."

 

MBA/ARO // ARO.

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