Treaty between the Federal Republic of Nigeria and the Democratic Republic of Sao Tome and Principe on the Joint Development of Petroleum and other Resources, in respect of Areas of the Exclusive Economic Zone of the Two States.

This Agreement provides for the joint development by Nigeria and Sao Tome and Principe of petroleum resources in the joint development zone established by this Agreement. For this purpose, a Joint Ministerial Council for the Zone and a Joint Authority is established. The Council shall have overall responsibility for all matters relating to the exploration for and exploitation of the resources in the Zone and shall have other functions specified in Article 8 and as the States Parties may entrust to it. As soon as practicable following the entry into force of this Treaty, the Authority shall prepare an initial Zone Plan in accordance with the principles set out in Article 3, so as to establish ways in which the resources of the Zone may be developed in an efficient, economical and expeditious manner. The Authority shall take all reasonable steps to ensure that development activities in the Zone do not cause or create any appreciable risk of causing pollution or other harm to the marine environment. The petroleum and other resources of the Zone shall be exploited efficiently in accordance with this Treaty, having due regard to the protection of the marine environment, and in a manner consistent with generally accepted good oilfield and fisheries practice.