ERHC in Sao Tome PSC Talks
- Business & Finance
ERHC Energy Inc.,a publicly traded U.S. company with oil and gas assets in Sub-Saharan Africa, recently began formal Production Sharing Contract (PSC) negotiations with the National Petroleum Agency of São Tomé and Príncipe (ANP-STP).
The PSCs pertain to ERHC’s 100 percent working interest in Blocks 4 and 11 of the São Tomé and Príncipe Exclusive Economic Zone (EEZ). Seismic data for EEZ Blocks 4 and 11 contain highly prospective structures and they are situated close to the proven hydrocarbon systems in the adjacent territorial waters of Gabon, Equatorial Guinea, Nigeria and Cameroon.
“We acknowledge the efforts of the ANP-STP and of the government of São Tomé and Príncipe under the leadership of His Excellency, Prime Minister Patrice Trovoada to expedite exploration for hydrocarbons offshore São Tomé and Príncipe,” said Peter Ntephe, ERHC’s President/CEO. “We are working towards reaching mutually acceptable PSC terms that will advance the common goal of discovering hydrocarbons in commercial quantities.”
Offshore Energy Today Staff , November 25, 2011; Image: ERHC