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São Tomé and Príncipe, Africa

​​LIST OF INSURANCE COMPANIES IN SÃO TOMÉ AND PRÍNCIPES

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SÃO TOMÉ

São Tomé e Príncipe, is a Portuguese-speaking island nation in the Gulf of Guinea, off the western equatorial coast of Central Africa. It consists of two archipelagos around the two main islands: São Tomé and Príncipe located about 140 kilometers (87 mi) apart and about 250 and 225 kilometers (155 and 140 mi), respectively, off the northwestern coast of Gabon.

Both islands are part of an extinct volcanic mountain range. São Tomé, the sizable southern island, is situated just north of the equator. It was named in honor of Saint Thomas by Portuguese explorers who arrived at the island on his feast day.
With a population of 163,000 (2010),the country is the second-smallest African country (Seychelles being the smallest). It is the smallest Portuguese-speaking country.

Economy
Since the 19th century, the economy of São Toméan has been based on plantation agriculture. At the time of independence, Portuguese-owned plantations occupied 90% of the cultivated area. After independence, control of these plantations passed to various state-owned agricultural enterprises. The main crop on Santomean Island is cocoa, representing about 95% of exports. Other export crops include copra, palm kernels, and coffee.

Petroleum exploration
In 2001, São Tomé and Nigeria reached agreement on joint exploration for petroleum in waters claimed by the two countries of the Niger Delta geologic province. After a lengthy series of negotiations, in April 2003 the joint development zone (JDZ) was opened for bids by international oil firms. The JDZ was divided into nine blocks; the winning bids for block one, ChevronTexaco, ExxonMobil, and the Norwegian firm, Equity Energy, were announced in April 2004, with Santomean island to take in 40% of the $123 million bid, and Nigeria the other 60%.

Bids on other blocks were still under consideration in October 2004. São Tomé has received more than $2 million from the bank to develop its petroleum sector. Santomean stands to gain significant revenue both from the bidding process and from follow-on production, should reserves in the area match expectations.

São Tomé and Príncipe, Africa – World Insurance Companies Logos