ERHC Energy Inc (ERHE)

[RubyMartin]

Production of offshore oil in Sao Tome and Principe may begin in 2010 [ 2006-10-10 ]


Sao Tome, Sao Tome and Principe, 10 Oct – Oil production in the joint development area of Sao Tome and Principe and Nigeria may begin in 2010, a Sao Tome spokesperson said this weekend.

Carlos Gomes,, executive secretary of the Gulf of Guinea, said that Chevron Corp may carry out a second test in the third quarter of 2007 after finding oil and natural gas in the first well.

“Production in the joint area could begin within 4 to 5 years if everything goes well,” Gomes said. Until last August Gomes was in charge of the joint area set up six years ago to manage the shared offshore area.

Nigeria has 60 percent and Sao Tome and Principe has 40 percent of the joint area.

The wider region, which includes Angola and Equatorial Guinea, produces over 4 million barrels of oil per day. (macauhub)