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Sao Tome eyes riches By Upstream staff



SAO Tome&Principe could net more than $700 million a year from oil production if output of 80,000 barrels per day is achieved before 2013, according to International Monetary Fund (IMF) analysts.
Revenue would be generated from prospects in its own Exclusive Economic Zone but mainly from the Joint Development Zone managed with neighbouring Nigeria where exploration by Chevron has begun on Block 1.

A IMF study noted that one of the main challenges facing the archipelagic republic was the need to administer potentially huge income from oil while strengthening the state's weak political and economic institutions.


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01 December 2006 00:01 GMT | last updated: 01 December 2006 00:01 GMT