Liberia Looks Ahead With New Oil Bid Round

Printer Friendly Version
Email this Page
Hess To Form MLP For North Dakota Oil, Gas Transport Assets
Liberia is inviting international companies to bid for offshore oil production licenses as it grapples with an Ebola fever outbreak.

Reuters

LONDON, Aug 13 (Reuters) - Liberia is inviting international companies to bid for offshore oil production licences as it grapples with an Ebola fever outbreak, which is crippling its economy and has already caused one oil major to delay a project.

The West African country does not produce any oil or natural gas but it hopes to tap into potential reserves offshore in deep and ultra-deep waters, following the example of its neighbour Sierra Leone and African oil giants Nigeria and Angola.

The oil and gas block licensing round will be held under a new contract to fit with Liberia's new petroleum bill, which is expected to be passed in late November this year.

The round offers four offshore blocks, relinquished by other companies. It was launched on Aug. 5 and will close on Oct. 31, Liberia's state oil company NOCAL announced on its website.

The opening of the country's potential rests on the passing of a new oil law, which once ratified, will open up another 13 previously unexplored blocks.

Liberia's petroleum bill has been in development since 2013. The Senate gave its approval but it still needs to be passed by the House of Representatives, which is expected to be done in late November 2014.

Owing to the high cost of drilling in deep water Liberia is offering more flexible terms than other African producers to attract foreign oil firms, a NOCAL board member told Reuters.


123

View Full Article

Copyright 2015 Thomson Reuters. Click for Restrictions.

Printer Friendly Version
Email this Page

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Heavy Lifting Specialist
Expertise: Construction Engineer|HSE Manager / Advisor|Site Engineer
Location: Corpus Christi, TX
 
Fire Protection Engineer (Principal/Lead)
Expertise: Fire Protection|Mechanical Engineering|Process Engineer
Location: Houston, TX
 
HSE Advisor
Expertise: HSE Manager / Advisor
Location: Chicago, IL, IL
 
search for more jobs

Brent Crude Oil : $62.58/BBL 0.83%
Light Crude Oil : $57.68/BBL 0.05%
Natural Gas : $2.71/MMBtu 3.90%
Updated in last 24 hours