English.news.cn

February 22, 2012

MONROVIA, Feb. 21 (Xinhua) — The African Petroleum (AP), an oil and gas exploration and development company in West Africa, announced on Tuesday that a potentially large accumulation of oil deposits had been found off the coast of Liberia. The discovery was made at National Oil Company of Liberia (NACOL) Narina-1 exploratory well drilled in Block LB-09… According to McClain, the process necessitating the tests for the oil’s discovery would take a pretty extended time. He told reporters that the country’s oil evaluation would indicate as to whether the deposits are in sufficient quantity to be commercially viable for production. NACOL said a period of additional 5 to 7 years is expected for the project immediately after the appraisals.

The discovery by the AP is said to have taken place in Block LB- 09 off the coast of Liberia. This block is one of the blocks being operated by the company under a Production Sharing Agreement (PSA). The PSA was negotiated by the executive branch and then later ratified by the legislature in 2008. The exploratory well is among several that have been drilled during the periods 2011 and 2012Read more.