See also:
» 15.02.2010 - IMF commissions a mission to Liberia
» 22.12.2009 - First female wins Liberia's youth leadership award
» 01.12.2009 - Liberia pledges support to small farmers
» 18.08.2009 - Liberian security and peace gains still fragile, Ban
» 24.07.2009 - Liberia’s threshold programme approved
» 26.06.2009 - WB approves $3.5 million climate change fund for Liberia
» 16.04.2009 - Liberia successfully completes old debt buy back deal
» 29.08.2008 - Major boost for Liberia palm oil farmers

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Economy - Development

Oil boom in Liberia

afrol News, 18 June - There is a possibility of the existence of 70% hydrocarbon oil in Liberia, a Nigerian oil exploration company, Oranto Petroleum Limited, has announced.

This means the West African country will soon join the world’s league of oil producing countries.

Oranto has exploration interests in Sierra Leone, Cote d’Ivoire, Togo, Nigeria, Equatorial Guinea, Chad and Niger.

A recent exploration by Oranto discovered oil in the Liberian capital, Monrovia. Oranto plans to pump US $120 million into oil exploration in Liberia between 2007 and 2009.

The good news was relayed by the General Manager of Oranto, Mr. Chika Nnamdi Eneanya, who flew to Liberia to formally sign agreements with his firm and the National Oil Company of Liberia (NOCAL).

The signed agreements gave exploration rights to Oranto to explore two blocks, block LB-11 and block LB-12. Each of the blocks has a total of approximately 3,750 square km.

The Nigerian company chief said his firm is targeting estimated oil reserves of 1.5 billion barrels in Liberia. But this calls for at least US $80 million for both the seismic survey and the exploration of two wells in 2008 and 2009.

Mr Eneanya said Oranto’s branching into Liberia means bringing development to the door step of the country’s citizens, creation of jobs and advancement in technology.

"We have done it in other countries, and we can do it here," he assured.

The President of NOCAL, Dr. Fodee Kromah, said they entered into production sharing contract with Oranto for blocks LB-11 and LB-12.

He said the NOCAL/Oranto deal started three years back. Dr Kromah said by signing an agreement with the Nigerian company, NOCAL is turning its dreams into reality.

A UK registered oil company, Broadway Consolidated is also expected to sign production sharing contact agreement with NOCAL for block LB-13 next month.

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