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GALP's African director says oil's STP economic impact will be visible in 5-6 yrs.

Lots of variables and different quotes from different sources. First GALP article says GALP is getting out of exploration business... Then this GALP director implies GALP will be working in STP Block 6 for 5-6 years.. So not sure what to believe. Only time will tell.

ND9
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Galp director says oil's economic impact will be visible six years after first bore
April 11, 2022

By Manuel Dênde, Journalist for STP-Press Agency

São Tomé (São Tomé e Príncipe), 11 Apr. 2022 (STP-Press) – The economic impact of oil will only be visible in São Tomé and Príncipe six years after the first hole, – revealed to the national press, galp's Africa director Roland Magli, after an audience he held days ago in Lisbon (Portugal) with the Sao Tome President, Carlos Vila Nova.

"After the first hole is made," Magli said, "if you find the oil, you're going to have to know the amount."

After that, he said that "we will get involved in the acquisition of equipment and other expedients, which is why I admit five to six years."

GALP (Portugal) and Shell (British multinational), partners in block six, rescheduled for next May the opening of the first hole in the said block of the Exclusive Economic Zone (ZEE) of São Tomé Príncipe called Jaca.

Jaca, which was supposed to be the subject of a first hole this April, saw this action postponed following the technical developments that emerged in Namibia where the probe ship that was supposed to operate in São Tomé is currently located.

"It will be the first attempt to discover oil in the EZE of Sao Tome and Principe. It will be the first time that geoscientists will have the data provided by the well", explained last December a board of galp company, Vanessa Gasparinho.

According to the National Petroleum Agency (ANP), this action is expected to take two to three months.

It is refoundthat in the EZE of São Tomé and Príncipe with a dimension of 160,000 km2, the two-dimensional seismic tests carried out between 2009 and 2010, allowed the identification of a total of 19 oil blocks.

In the map of the oil blocks of the EESi of São Tomé and Príncipe, drawn up in 2010, block 6 that gives body to the Jaca project is part of the group of blocks located near the territorial waters of Equatorial Guinea and Nigeria.

It is stressed that the maritime areas mentioned already have a tradition in the exploitation of black gold.

Project's corporate structure is owned by the São Tome state with 10%, while Shell and Galp each have 45% rights over Jaca.

MD/LM

STP-Press/End

https://www.stp-press.st/2022/04/11/director-da-galp-diz-que-impacto-economico-do-petroleo-sera-visivel-seis-anos-depois-do-primeiro-furo-%ef%bf%bc/