Liberia: Firm Begins Estimated 840 Million Barrels Oil Drill

The Australian firm, African Petroleum announced Tuesday that it has started tapping into oil deposits situated off the coast of Liberia, the UPI reported Tuesday.

The firm said it had started drilling its Bee Eater-1 well offshore Liberia, about 6 miles from what the it says was a proven high-quality reservoir.

The mean recoverable resources for the Bee Eater area are estimated by the company at more than 840 million barrels of oil.

Africa Petroleum Chief Executive Officer Karl Thompson was quoted to have said that there are plans for a "very active exploration program" here for 2013.

A second well is planned in the offshore region once drillers complete the Bee Eater-1 well.

Several potential well locations under construction depend on results of the latest drilling, the company said.

But the news come at the there are still lingering controversies over transparency within the local oil sector. Issues regarding the review of past contracts are still pending before the National Legislature, amid uncertainties over the use of the oil resources.

Liberia is recovering politically and economically from years of civil war. President Ellen Johnson Sirleaf, in a speech sponsored by Chevron in April in Houston, said Liberia was encouraging investments in the oil and natural gas sector. The Liberian government said more than $16 billion was invested in natural resources such as oil in the past six years.

 

via The New Dawn (Monrovia)

Liberia: Firm Begins Estimated 840 Million Barrels Oil Drill

An Australian firm says it has started to drill for oil off the coast of Liberia.

Comments

comments

You might also like…

ASUU, the Government and Tertiary Education in Nigeria: The Way Forward by Ashton Dagana

 Since 1999, successive governments have at least two things in common; ASUU and strikes. ASUU strikes. The ASUU strikes always follow the same pattern; initial noise about a possible ASUU strike, a warning strike, government ignores ASUU all along, the public isn’t particularly interested, ASUU goes on long strike, everyone gets interested, government and ASUU […]

#RwandaDecides: Paul Kagame wins third term election by a landslide

 Incumbent leader Paul Kagame swept to a landslide victory in Rwanda’s presidential election, securing a third term in office and extending his 17 years in power, final results showed on Saturday. Kagame has won international praise for presiding over a peaceful and rapid economic recovery in Rwanda since the 1994 genocide, when an estimated 800,000 […]

Benin, Liberia and Nigeria lead Africa in ranking at maiden global robotics competition (SEE FULL RANKING)

 Benin and Liberia were ranked highest among the 40 African countries that participated in the just ended FIRST Global Challenge robotics competition held in the United States capital, Washington DC. The six-round maiden international robotics event saw 163 national teams including 6 continental teams made up of students from around the world competing with the common goal of increasing […]

Leave a Reply

Your email address will not be published. Required fields are marked *