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Joint Authority Nigeria/Sao Tome and Principe discuss future in Sao Tome

April 17, 2022

By Manuel Dênde, journalist for STP-Press Agency

São Tomé (São Tomé and Príncipe), 16 Apr. 2022 (STP-Press) – São Tomé and Príncipe and Nigeria, discuss in the Capital of São Tomese, the hypothesis of reviewing the Oil Exploration Treaty between the two countries, – said STP-Press the minister responsible for oil affairs.

According to Osvaldo d'Abreu, Minister of Natural Resources, the hypothesis of revision is put into practice, 20 years after the existence of the Treaty by the common will of the parties as provided for in the document.

It is recalled that the two countries, in Abuja (capital of Nigeria), signed up in February 2001, following the process of delimiting maritime borders and establishing the EELl, which began in 1998, a Joint Exploitation Treaty of Petroleum Resources and others existing in the Joint Zone of the two States.

The Treaty also establishes an international entity called the Joint Development Authority (ADC) composed of representatives from both countries and responsible for the management of the Joint Development Zone (DcZ) on the basis of revenue and expenditure sharing in terms of 60% for Nigeria and 40% for STP.

The meeting taking place in São Tomé is the result of a mandate from the President of the Republic and the Prime Minister of Sao Tomes in order to learn about the real problems and constraints that affect the organisation to the highest level, if some decisions are taken that are necessary.

According to Amadji Geldam, President of the Joint Authority, there are some problems for which some decisions should be proposed, but which are normal situations inherent in the functioning of the same authority and which can be supported by some existing assets of the joint zone itself.

Among existing problems, STP-Press said, is the budgetary situation of the Authority that has been supported unilaterally by Nigeria for many years.

One of the problems concerns the budget/2022 functioning of the Joint Authority based in Abuja, which will be subject, at this meeting of St. Tome, to "some recommendations", as stated.

However, despite these "constraints", STP-Press has learned that the "Joint Oil Exploration Authority will not be in question and that it will continue to guarantee the primary objectives that led to the subscription of the Treaty".

It is stressed that the Nigerian part is led by Amidji Geldam, while the Sao Tome side is led by Osvaldo d'Abreu, Minister of Natural Resources accompanied by Engrácio Graça of Finance, including technicians and managers of the Joint Authority Nigeria/Sao Tome and Principe.

MD/LM

STP-Press/End

https://www.stp-press.st/2022/04/17/autoridade-conjunta-nigeria-sao-tome-e-principe-discute-futuro-em-sao-tome/