Liberia Commences Oil Exploration In 2011

Liberia Commences Oil Exploration In 2011

Liberian President, Ellen Johnson Sirleaf has said the country will begin oil exploration from the fourth quarter of 2011.

“In the energy sector, we anticipate oil exploration off our coast in the last quarter of this year, Liberia is on the verge of becoming a petroleum exporter in the coming decade,” she said in an address to the nation.

Chevron Corporation signed a deal with Liberia last year, to explore for oil and gas in three deepwater blocks off the West African country's coast.

The exploratory work was initially due to begin in late 2010 and last for three years.

Seismic data from two offshore blocks in Liberia showed prospects for sufficient undersea petroleum reserves.

President Johnson Sirleaf has pledge that Liberia will use its natural resources for growth and development and avoid the pitfalls that have plagued many oil- and mineral-rich nations

Chevron currently has major operations in Africa's two largest oil producing nations, Nigeria and Angola , and is also engaged in exploration and production in Chad , the Democratic Republic of Congo and the Republic of Congo .

Oil prospects have risen for Liberia 's neighbours to the east, including Cote d'Ivoire and Ghana , where production is slated to begin later this year in a large offshore field called Jubilee.

Advances in both exploration and production techniques have opened the way for expanded oil and gas production across Africa .

AllAfrica/REUTERS/ NAN/Margaret/Yinka