ExxonMobil enters Liberian offshore oil exploration sector

sirleaf  Center for Global Development CGDExxonMobil and COPL received approval for the transaction from the Liberian President Ellen Johnson Sirleaf on 5 April 2013. (Image source: Center for Global Development (CGD)/Flickr)US oil major ExxonMobil has confirmed its entry into the Liberian offshore exploration scene and said that its Liberian affiliate had acquired an 80 per cent stake in Block LB-13

Although the news of ExxonMobil joining the hunt for reserves offshore Liberia has been making the rounds for a number of weeks, it was not until 5 April 2013 that the company officially announced its intentions.

ExxonMobil has acquired the 80 per cent stake in Block LB-13 from Canadian Overseas Petroleum (COPL), which now has a 20 per cent interest in the block.

ExxonMobil Liberia and COPL received final approval of the transaction from the Liberia national legislature and Liberian President Ellen Johnson Sirleaf on 5 April 2013 when the transaction was closed.

ExxonMobil Exploration Company president Steve Greenlee said, “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.”

The US firm also has plans to open an office in Monrovia within 180 days.

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