While the oil and possibly gas income from just JDZ-1 will be a major new source of revenue for the tiny economy of São Tomé and Príncipe, it is hardly the new "oil era" requiring the training of professionals on the Island, rather it is just the first few drops of what will eventually be a major river of revenue.
São Tomé and Príncipe has a vast Exclusive Economic Zone (EEZ) in the highly prolific oil and gas region of the Gulf of Guinea, in addition to its interest in the large JDZ under treaty with Nigeria.
It is virtually impossible for there to not be significant exploration in São Tomé and Príncipe's EEZ in the coming years, and extremely unlikely that commercial Gas and Oil will not be discovered. What is holding things back is that ultra-deepwater exploration is really just in an early stage of development with a shortage of rigs and an emerging and expensive technology. As witness the first deepwater wells in Nigerian waters only recently being drilled.
The O&G industry is targeting the “low hanging fruit” at this early and initial phase, and while there is considerable exploration already directly across from São Tomé and Príncipe EEZ in similar geology in Equatorial Guinea and Gabon, full interest has not yet turned to the EEZ. Those countries are just ahead of São Tomé and Príncipe which is just gearing up to support the coming exploration which is almost certain to occur.
ERHC has two massive 100% exploration blocks in the EEZ with options for interest in two others, and also interest in six JDZ blocks, with three currently under exploration and two in arbitration.
