[Liberia] Exxon Mobil Corp to start oil exploration in November
World’s largest publicly traded oil company Exxon Mobil Corp has set November as the month it will start drilling its first exploratory well off the coast of Liberia.
"ExxonMobil Exploration and Production Liberia Limited, an affiliate of ExxonMobil, plans to drill a deepwater exploration well on the Liberia-13 Block, located about 50 miles offshore Liberia, beginning in November 2016," a spokeswoman said.
The Canadian Overseas Petroleum (COPL), junior partner in ExxonMobil’s Block LB-13 offshore Liberia, had earlier announced that it would continue exploring the oil block for 18 months.
“On February 23, ExxonMobil informed the company that the length of the extension period granted by the National Oil Company of Liberia (NOCAL) has been set at a total of 619 days and that the second exploration period timeframe has been extended until September 25, 2017,” said COP.
ExxonMobil said in November it planned to drill this first exploration well later this year or early 2017, however it is too soon to tell if any finds will be oil or gas. Both have been found off La Cote d’Ivoire and Ghana to the east. Recently, Exxon cited Cote d’Ivoire’s exploration ‘risk but higher potential.’
Matthew Scharf, Exxon regional public and government affairs adviser said it was not known how much drilling would cost or how long it would take.
Liberia does not produce oil unlike its eastern neighbour, Ivory Coast, which produces about 53,000 barrels a day, and Ghana, the next country along the West African coast, which pumps about 100,000 bpd.
"This project will create jobs for Liberians and help the economy .... if they can find oil of commercial quality," said Clarence Moniba, deputy chief of staff to Liberia's president.
