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Post by
gskohlion Jan 11, 2011 11:25am
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Oil boom in Liberia
Oil boom in LiberiaOil boom in Liberia : Confirmations from other oil companies.
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 inLiberia between 2007 and 2009.
The good news was relayed by the General Manager of Oranto, Mr. ChikaNnamdi Eneanya, who flew to Liberia to formally sign agreements with hisfirm and the National Oil Company of Liberia (NOCAL).
The signed agreements gave exploration rights to Oranto to explore twoblocks, block LB-11 and block LB-12. Each of the blocks has a total ofapproximately 3,750 square km.
The Nigerian company chief said his firm is targeting estimated oilreserves of 1.5 billion barrels in Liberia. But this calls for at leastUS $80 million for both the seismic survey and the exploration of twowells in 2008 and 2009.
Mr Eneanya said Oranto's branching into Liberia means bringingdevelopment to the door step of the country's citizens, creation of jobsand 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 intoproduction sharing contract with Oranto for blocks LB-11 and LB-12.
He said the NOCAL/Oranto deal started three years back. Dr Kromah saidby signing an agreement with the Nigerian company, NOCAL is turning itsdreams into reality.
A UK registered oil company, Broadway Consolidated is also expected tosign production sharing contact agreement with NOCAL for block LB-13next month.