Brazil’s state-owned oil company Petróleo Brasileiro S.A. (Petrobras) has been awarded Block 3 in São Tomé and Príncipe’s Exclusive Economic Zone (EEZ), according to the country’s National Petroleum Agency (ANP-STP).
The award grants Petrobras rights to explore and develop the block under a 28-year production sharing contract.
Petrobras will serve as the operator of Block 3 with a 75% participating interest, while Oranto Petroleum and ANP-STP will retain stakes of 15% and 10%, respectively.
ANP-STP Executive Director Álvaro Silva said applications submitted for Blocks 7, 8 and 9 were not approved because they did not fully satisfy the government’s selection requirements, particularly the goal of promoting greater diversity among operators in the country’s petroleum sector.
He explained that the regulator therefore decided not to award the three blocks, in accordance with São Tomé and Príncipe’s broader petroleum sector development strategy.
“The state will focus its exploration activities on the blocks that have been awarded and, when considered appropriate, will open a new licensing round for additional areas,” Silva said.
The decision leaves Block 3 as the focus of the latest licensing process, as São Tomé and Príncipe continues efforts to attract investment and expand exploration activities within its offshore oil and gas potential.