July 29, 2003
Hector Igbikiowubo
The bidding round for nine oil blocks in the Nigeria /Sao Tome and Principe Joint Development Zone valued at $200 million have survived the coup scare in the Island nation following the reinstatement of the deposed government headed by President Fradique de Menezes last week .
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"Olegario Tiny, a permanent representative on Sao Tome's Joint Development Agency (JDA) with Nigeria said; "if a solution with the military is found quickly, during this week, there shouldn't be any negative repercussions. "Seismic data suggests the offshore blocks in the Gulf of Guinea could hold between four and 11 billion barrels of reserves at depths of between 1,500 and 2,500 metres. Coup leaders had demanded the eventual creation of a government that will combat poverty and ensure that Sao Tome's 170,000 people see the benefits of the foreseable oil boom. It was disclosed that even if negotiations with the coup leaders had dragged on, the auction would have been only slightly delayed since multinational oil companies were still trying to get on board."
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