São Tomé and Príncipe’s National Petroleum Agency has launched a formal invitation for eligible international oil companies to submit technical and financial proposals for Blocks 7, 8, and 9 in the country’s western Exclusive Economic Zone (EEZ), offering up to an 85% participating interest in each block — one of the most generous entry terms available in Africa’s current upstream licensing landscape.
Blocks 7, 8, and 9 lie in a frontier area considered geologically analogous to the prolific offshore basins of Gabon and Equatorial Guinea. Recent seismic reprocessing has confirmed the presence of viable petroleum systems, with exploration targeting Cretaceous structures. Industry interest in the area has been building, with companies including Petrobras and Shell already active in the wider region. Wells such as Jaca-1 and Falcão-1 have confirmed working petroleum systems within the broader basin, providing critical risk-reduction data for adjacent blocks.
The country is positioning itself as a long-term frontier play, with expectations of increased seismic acquisition and drilling campaigns from late 2026 onward. First commercial production remains widely anticipated post-2030, contingent on successful exploration and continued investment flows. The country’s Petroleum Operations Law No. 16/2009 provides the fiscal and regulatory framework, offering investors stable terms and flexible entry structures.
Companies interested in participating are required to submit separate proposals per block, including corporate, financial, and technical documentation. Submissions are due by June 30, 2026.
Source: eurasiareview.com