Exxon Mobil Acquires 80 Pct Interest in LB-13 (Liberia)
- Business & Finance
Exxon Mobil Corporation announced that its Liberian affiliate has acquired from Canadian Overseas Petroleum (Bermuda) Ltd. (COPL) 80 percent interest in Liberia Block 13 (LB-13), comprising more than 625,000 acres (2,500 square kilometers) offshore Liberia in water depths ranging from 250 to 10,000 feet (75 to 3,000 meters).
ExxonMobil Exploration and Production Liberia Limited and COPL received final approval of the transaction from the Liberia national legislature and Liberia President Ellen Johnson Sirleaf. The transaction closed on April 5, 2013.
ExxonMobil is the operator of LB-13. COPL has 20 percent interest in LB-13.
“We appreciate the vote of confidence from the government of Liberia in our capability to help develop the nation’s hydrocarbon resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “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.”
ExxonMobil plans to open its venture office in Monrovia within 180 days to begin fulfilling the requirements of the production sharing contract, which calls for an exploration well to be drilled within three years.
Liberia Block 13 is 18 miles (30 kilometers) offshore Liberia’s central coast.
Press Release, April 8, 2013