The Galp/Shell consortium and the National Petroleum Agency announced that they had drilled a new oil well in São Tomé, which confirms the existence of an “active oil system” in the country.
In a statement, the two entities indicate that the initial results of the survey indicate that there is no evidence that the prospect, designated Jaca 1, has a sufficiently large recoverable potential to be commercial. The National Petroleum Agency indicates that the “focus now of the oil companies is to continue to evaluate the new data collected to define the next steps”. The sector confirmed the existence of an “active petroleum system”, but the initial results of the survey indicate that there is no evidence that the prospect has great potential. The result of the drilling of the first oil block in the Exclusive Economic Zone of São Tomé and Príncipe is considered a “very encouraging technical success”. The Galp/Shell consortium confirms that the drilling operations of the Jaca 1 well were carried out safely and in accordance with the plan outlined.
The production sharing contract for “Block 6”, signed in 2015, is in phase two of the research period. It is made up of Galp STP (operator) with a 45 percent participatory interest, Shell STP with the same percentages of interest and the Agência Nacional de Petróleo representing the Sao Tome state with a 10 percent participatory interest.
