Exxon Mobil acquires 80 per cent interest in Liberia Block 13

Exxon Mobil acquires 80 per cent interest in Liberia Block 13

4:34 AM, 6th April 2013
Exxon Mobil acquires 80 per cent interest in Liberia Block 13

IRVING, US: Exxon Mobil Corporation’s Liberian affiliate has acquired from Canadian Overseas Petroleum (Bermuda) Ltd (COPL) 80 per cent interest in Liberia Block 13 (LB-13), comprising more than 625,000 acres (2,500 square kilometre) offshore Liberia in water depths ranging from 250 to 10,000 feet (75 to 3,000 metre).

ExxonMobil Exploration and Production Liberia Limited and COPL received final approval of the transaction from the Liberia national legislature and Liberia President Ellen Johnson Sirleaf. The transaction closed on 5 April 2013. ExxonMobil is the operator of LB-13. COPL has 20 per cent interest in LB-13.

ExxonMobil plans to open its venture office in Monrovia within 180 days to begin fulfilling the requirements of the production sharing contract, which calls for an exploration well to be drilled within three years. Liberia Block 13 is 18 miles (30 kilometre) offshore Liberia’s central coast.

“We appreciate the vote of confidence from the government of Liberia in our capability to help develop the nation’s hydrocarbon resources. 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,” said Steve Greenlee, President, ExxonMobil Exploration Company.

© WOC News

 

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