Sao Tome satisfied about accord with Nigeria

Feb 26, 2001 01:00 AM

President of Sao Tome and Principe Miguel Trovoada has expressed his satisfaction with the just-signed accord between his country and Nigeria on joint petroleum exploration. According to the agreement, which was signed in Lagos, Nigeria, Sao Tome and Nigeria will respectively share 40 % and 60 % of the production in the oil fields located between the two countries.

After signing the agreement, Trovoada said that February 22 is a "historic" day for the western African island country, because it marks a favourable turn of the Sao Tome economy. Local analysts said that this accord culminates one year of dispute on the maritime frontiers between the two countries, where petroleum has been discovered but the extraction has not yet started. It was reported that the exploration in the area will be conducted by Mobil.

Source: Xinhua via Newspage
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