Sao Tome and Principe has a chance to become a new oil producer in case of positive results of the recently spudded Jaca-1 new-field wildcat, targeting a Cretaceous-aged basin floor fan. The prospect is located within the offshore Block 06 operated by Portugal’s Galp Energia with Royal Dutch Shell as a technical operator. Jaca-1 is .
With the hydrocarbons sector contributing 90% of Equatorial Guinea’s GDP, and only 66% of the population with access to energy, expanding the industry will be crucial in addressing energy poverty and driving industrialization and economic growth.