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01/27/2005:

"Oil curse stalks Africa's new petro-state"

São Tomé, a sleepy west coast archipelago with a population of 150,000 people, is seen by many outside as the nation as having perhaps the best chance to avoid the “paradox of plenty” that has made oil-rich African countries among the world's poorest and worst-governed.

The auction for the first exploration licence in a deep water zone being developed jointly with Nigeria is expected soon to yield São Tomé about $50m, or almost four times last year's total estimated government tax revenues. Estimates of the amount of oil in the zone run to more than 10bn barrels, although no reserves have yet been proved.

Full Article : news.ft.com