LUANDA, Dec. 30 (Xinhuanet) -- Sao Tome and Principe President Fradique de Menezes has said that he expects his country to enjoy "a better economic future" through its expected oil boom.

    "We are near to beginning a future which can be completely different for the people of Sao Tome," said Menezes after promulgating a new framework law to manage the archipelago's oil receipts.

    The oil legislation was approved earlier in December by Sao Tome's parliament and Menezes said the new law was an indication of his government's desire for "transparency in the management of a public matter."

    The legislation is specifically aimed to regulate and oversee financial transfers from Sao Tome's oil account, as well as providing adequate public information on these matters and also the government's plans for investment of hydrocarbon revenues.

    Sao Tome is expecting to receive a signature bonus of just under 50 million US dollars in coming weeks from a consortium of international oil companies, led by Exxon-Mobil, which were selected to develop offshore Bloc 1 in the Joint Development Zone shared by the islands with Nigeria.

    Under a treaty signed with Abuja in 2002, Sao Tome has the right to 40 percent of oil revenues from the Joint Development Zone in formerly disputed waters in the Gulf of Guinea. Nigeria isentitled to the remaining 60 percent.

    The two west African nations invited fresh bids last month for five of the nine blocs that were initially offered to international oil firms in 2003.

    Offers were opened on December 15 and contain larger signature bonuses than have previously been offered by bidding oil companies.

    Analysts say that impoverished and aid-dependent Sao Tome will have to rely on its signature bonuses for a number of years before production revenues start to trickle into state coffers.

    Oil firms hope the twin-island microstate with a population of about 140,000 could eventually rival nearby Equatorial Guinea's daily production of 350,000 barrels.

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