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Monday, April 8, 2013
US supermajor ExxonMobil confirmed its entry into the Liberian offshore exploration scene announcing that its Liberian affiliate had acquired an 80% stake in Block LB-13.
News of ExxonMobil joining the hunt for reserves offshore Liberia has been making the rounds for a number of weeks, but it wasn’t until April 5 that the company officially announced it.
ExxonMobil acquired the 80% stake in Block LB-13 from Canadian Overseas Petroleum (Bermuda) Ltd. (COPL). The block is comprised of more than 625,000 acres offshore Liberia in water depths ranging from 250 to 10,000 ft (75 to 3,000 meters).
ExxonMobil Exploration and Production Liberia Ltd. and COPL received final approval of the transaction from the Liberia national legislature and Liberia President Ellen Johnson Sirleaf. The transaction closed on April 5, 2013.
ExxonMobil is the operator of LB-13. COPL has a 20% interest in LB-13.
“We appreciate the vote of confidence from the government of Liberia in our capability to help develop the nation’s hydrocarbon resources,†said Steve Greenlee, president of ExxonMobil Exploration Company. “The government of Liberia wants to develop its resources for the benefit of the country and its people. We have the capability and the expertise to help make that happen.â€
The US firm plans to open an office in Monrovia within 180 days to begin fulfilling the requirements of the PSC, which calls for an exploration well to be drilled within three years.
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