BP, Kosmos win rights to two oil blocks in Sao Tome and Principe

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SAO TOME, Jan 23 – A consortium of BP and Kosmos Energy has won exploration rights to two offshore oil blocks in Sao Tome and Principe’s exclusive economic zone (EEZ), the national oil agency said.
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The two companies won blocks 10 and 13 in a restricted tender, the agency’s director Orlando Pontes said in a statement late on Monday. They beat a second consortium of Portugal’s Galp Energia and Total, he said.

Sao Tome and Principe, a tiny island nation in Africa’s Gulf of Guinea, is surrounded by oil-rich neighbours Nigeria, Cameroon, Equatorial Guinea and Angola.

Despite a lack of significant discoveries after several years of prospecting, the industry sees its waters as likely to yield oil eventually, and several firms are currently exploring.

Its 129,000-square km EEZ is divided into 19 blocks.

New York-listed Kosmos Energy, which is active in other parts of West and Central Africa, acquired licenses to blocks 5, 6, 11 and 12 in 2015 and 2016. The national oil agency said it expected the firm to begin drilling in 2019 based on seismic results. (Reporting by Ricardo Neto; Writing by Joe Bavier; Editing by Louise Heavens and Edmund Blair)

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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