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São Tomé and Príncipe

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Main business activities

  • Upstream
  • Integrated Gas

Shell’s footprint

Shell has been active in São Tomé and Príncipe since 2019 when Shell Sao Tome and Principe B.V. acquired interests in two production-sharing contracts (PSCs) with the government for the offshore deep-water Blocks 6 and 11. Shell acquired the entity KE STP Company and with it additional interests in deep-water exploration Blocks 6 and 11 and interests in deep-water exploration Blocks 10 and 13. The acquisition was completed in December 2020 when KE STP Company, registered in the Cayman Islands, became a Group entity. KE STP Company is the operator of Block 11 and continues to explore for oil and gas in Blocks 6, 10 and 13. In November 2021, KE STP Company moved its domicile to Luxembourg and in December 2021, KE STP Company BV’s domicile was moved to the Netherlands.

Country financial analysis

The statutory corporate income tax rate for oil and gas companies in São Tomé and Príncipe is 30%. Losses reflect exploration costs, for which there is no immediate tax relief. When the project starts production, these costs can be deducted against profits for tax purposes in compliance with local legislation.

Corporate income tax
This is a direct tax imposed on companies’ profits. It is sometimes levied at a national level but can also be levied on a state or local basis.
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Production-sharing contracts or concessions
A production-sharing contract (PSC) is a contractual arrangement between the holders of a resource, typically a country’s government, and a resource extraction company concerning how much oil or gas each party would receive. The company bears the mineral and financial risk of the initiative. It explores, develops and, if successful, manages production. Costs are recovered through the sales of oil or gas and what is left over is split depending on the terms of the contract.
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