Mobil to evaluate offshore potential in Sao Tome and Principe
A unit of Mobil and Sao Tome & Principe National Petroleum Co. (STPETRO) have signed a letter of intent to enter
into a Technical Assistance Agreement to evaluate the early hydrocarbon potential of offshore acreage located in the
Exclusive Economic Development Zone (EEZ) of the Democratic Republic of Sao Tome and Principe (DRSTP).
Under the terms of the agreement, Mobil New Exploration and Producing Ventures is expected to complete an 18-month
technical evaluation which will concentrate on Blocks 1 through 22, comprising approximately 12 mm acres, previously
scheduled for an open round bid. Mobil will then have an exclusive option on the acreage to acquire a production
sharing contract with STPETRO for further evaluation through exploratory drilling.
STPETRO, the national oil company of the Democratic Republic of Sao Tome and Principe, is managed by Environmental
Remediation Holding Corporation (ERHC) for the exploration and development of the country's oil and gas reserves in
the Gulf of Guinea. STPETRO is a joint venture between the government of the DRSTP and ERHC, which own 51 % and 49 %
respectively.
Environmental Remediation Holding Corporation is an independent oil and gas company engaged in the exploration, development, production and sale of crude oil and natural gas properties. Its current operations are focused domestically in Texas and Utah, and internationally in the Democratic Republic of Sao Tome and Principe.
