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The economy of São Tomé and Príncipe, while traditionally dependent on cocoa, is experiencing considerable changes due to investment in the development of its oil industry in the oil-rich waters of the Gulf of Guinea. Geologists estimate that the Gulf of Guinea zone (Niger Delta province) holds more than 10 billion barrels (1.6 km³) of oil, although no reserves have yet been proven. A joint oil project with Nigeria in 2005 is likely to contribute $50 million of revenues to the government from the exploration licence signing fees. This represents four times government revenues in 2004. São Tomé is optimistic that significant petroleum discoveries under the exploration licence are forthcoming, though no crude oil nor natural gas has been found as of 2021.