Sao Tome and Principe's economy is based on agriculture.
In 2001, Sao Tome 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 9 blocks; the winning bids for block one, ChevronTexaco, ExxonMobil, and the Norwegian firm, Equity Energy, were announced in April 2004, with Sao Tome 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. Sao Tome has received more than $2 million from the bank to develop its petroleum sector. Sao Tome stands to gain significant revenue both from the bidding process and from follow-on production, should reserves in the area match expectations.
Banco Central de Sao Tome e Principe is the central bank, responsible for monetary policy and bank supervision. There are six banks in the country. The largest and oldest is Banco Internacional de Sao Tome e Principe, which is a subsidiary of Portugal's government-owned Caixa Geral de Depositos. It had a monopoly on commercial banking until a change in the banking law in 2003 led to the entry of several other banks.
Sao Tome and Principe - business -- Employment
Bulgarian