PetroChina and African Petroleum sign MoU for Africa blocks

Image source: PetroChina.Image source: PetroChina.PetroChina is could be set to invest in exploration blocks in Liberia and may also invest in several other African countries following the signing of a memorandum of understanding (MoU) with African Petroleum Corp

PetroChina has until August 31 to invest in up to 20 per cent of Block LB-09 in Liberia and up to 20 per cent in one or more exploration blocks in Gambia, Côte d'Ivoire, Liberia, Senegal and Sierra Leone, according to African Petroleum.

The value of the deal has not been agreed but could be worth over US$1 billion, a source told Reuters.

The deal is subject to government approval.

"The transaction is still going on,” a PetroChina official said. “The deal is still under negotiation."

African Petroleum is currently focusing on the exploration of Blocks LB-08 and LB-09 offshore Liberia that cover approximately 7,200 square kilometres.

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