Ther National Oil Company of Liberia has hinted that it could take up to 2016 to market its oil, if found in commercial quantity. This follows a production sharing contract which the Liberian oil company entered into with two Europe-based firms and an Australia- based firm.
Under the contract, eaqch of the three firms is expected to, within eight years, commencing from September 2008, conduct geological and seismic work, during the first four years, which the firms are required to carry out a minimum work of 1,500-square kilometres of 3D seismic survey and drill one exploratory well to a minimum depth of 2,000 metres on each block. During the second and third exploratory phases of two years each, the firms would have to carry out a minimum work programme commitment to drill one exploratory well per block in each period to a minimum depth of 2,000 metres. excluding the water depth.
The European Hydrocarbon Limited, an oil company incorporated under the laws of England Wales is one of the three firms contracted for blocks LB-8 and 9, while Woodside West Africa PYT Limited, an Australian-registered company is the other firm contracted for block LB-15. Repsol Exploration, while South Africa is the third firm incorporated under the laws of spain, which has contract for blocks LB-16 and 17. at least, 15 exploratory oil wells are expected to be drilled witthin the next eight years.
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