(Ecofin Agency) - Sao Tome and Equatorial Guinea have decided to resume talks on planned creation of a partnership for oil exploration in the existing maritime boundary between the two countries, according to Equatorial Guinea’s new ambassador, Paulino Ekobo.
He said oil exploration was one of the main concern areas of his diplomatic mission in Sao Tome and Principe.
“During the mission, we will push to make the agreement signed in the oil sector a reality,” he said.
The resumption of talks is part of a process that began almost 12 months ago between the two countries. The pre-agreement to set up a partnership for the exploration of oil in the common border was signed in October 2015 during a visit by the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, to Sao Tome and Principe.
Additionally, the agreement requires the exploration of a block situated in an overlaying area between the two member states of the Community of Portuguese-Speaking Countries (CPLP), Macauhub reports.
Sao Tome and Principe has a common oil exploration zone with Nigeria, based on a political accord signed in February 2001. The oil exploration zone was as a result of similar talks with the ones it is currently having with Equatorial Guinea.