Sao Tome Shortlists 4 Companies in Oil Block Licensing Round

Source: Reuters 2/6/2014, Location: Africa

The government of Sao Tome and Principe has short-listed four companies, including Portugal's Galp Energia, to bid on two oil blocks in its exclusive economic zone, according to a statement released by the state oil company ANP.

The tiny Central African island nation announced its plans to open a new licensing round for its blocks 1 and 6 last month.

The statement said Petrogal, the former name of Galp, and London AIM-listed New World Oil and Gas will compete for both blocks. Blue Skies World Group is bidding on block 1, while London Global Energy is seeking to acquire block 6.

"The result of the analysis of expressions of interest will be announced shortly," the statement said.

Sao Tome began awarding offshore blocks after signing an agreement with Nigeria in 2001 to jointly develop acreage in waters between the two countries. However, it has been slower to attribute blocks in the territorial waters surrounding its two main islands.

Sinoangol, a joint venture between China's Sinopec and Angolan state oil company Sonangol, acquired block 2 in the exclusive economic zone last year, promising to invest $154 million to develop the concession.


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