Sao Tome began awarding offshore blocks after signing an agree¬ment with Nigeria in 2001 to jointly develop acreage in waters between the two countries. However, it has been slower to attribute blocks in the territorial waters surrounding its two main islands.
Sinoangol, a joint venture be¬tween China’s Sinopec and Angolan state oil company Sonangol, acquired block 2 in the exclusive economic zone in 2013 promising to invest $154 million to develop the conces¬sion.