This Law, composed of 33 articles divided in six Chapters, regulates management, use and control of national oil resources. In particular, it regulates bank accounts set-up for oil activities purposes, and establishes a permanent fund operating at national level for financing oil extraction and other related activities. Moreover, the Law defines a Policy for Oil Management and Research and regulates monitoring and control activities. Particular attention is paid to tender and concession procedures in oil resources management, requiring transparency and public access to information. Finally, the Law provides applicable sanctions and penalties.
Santo Tomé y Príncipe · 2004-12-30