São Tomé e Príncipe

Pays Candidats

Overview of Extractive Industries

São Tomé e Príncipe's economy is small and fragile. Prospective off-shore oil production could significantly modify the medium and long-term economic outlook. Although they have begun to receive income from signatory bonuses, there is no production as yet. At present the revenues reflect signatory bonuses for blocks in the Joint Development Zone shared with Nigeria. The Government of Prime Minister Rafael Branco, an ex-Director of the National Petroleum Agency, intends to open offshore blocks in the Sao Tome Exclusive Economic Zone for exploration.

Status of EITI Implementation

São Tomé e Príncipe was accepted as an EITI candidate country on 22 February 2008.

São Tomé e Príncipe has until 9 March 2010 to undertake validation. São Tomé e Príncipe has requested a voluntary suspension which is being considered by the International EITI Board.

A workplan was agreed by members of the Multi-Stakeholder Committee in December 2007. The local EITI Committee has received a grant of support from the Multi-Donor Trust Fund. Work on a first report to cover the payments in the Joint Development Zone is awaiting the green light from the Joint Ministerial Council of Nigeria and Sao Tomean Ministers.

Governance of EITI Implementation

A multi-stakeholder committee was formally established by Ministerial Decree in 13 December 2007. Ms Genoveva Costa, Advisor to the Minister of Natural Resources and Environment, has been appointed EITI champion: genocosta [at] yahoo [dot] com.

A São Tomé e Príncipe EITI website is to be developed.