Louisiana Light • 2 days | 90.61 | -0.79 | -0.86% | |||
Bonny Light • 2 days | 94.55 | -1.05 | -1.10% | |||
Opec Basket • 2 days | 95.31 | -0.42 | -0.44% | |||
Mars US • 22 hours | 88.38 | -0.35 | -0.39% | |||
Gasoline • 10 mins | 2.570 | +0.026 | +1.01% |
Bonny Light • 2 days | 94.55 | -1.05 | -1.10% | |||
Girassol • 2 days | 95.92 | -0.63 | -0.65% | |||
Opec Basket • 2 days | 95.31 | -0.42 | -0.44% |
Peace Sour • 14 hours | 84.18 | -0.35 | -0.41% | |||
Light Sour Blend • 14 hours | 84.68 | -0.35 | -0.41% | |||
Syncrude Sweet Premium • 14 hours | 93.28 | -0.35 | -0.37% | |||
Central Alberta • 14 hours | 84.18 | -0.35 | -0.41% |
Eagle Ford • 2 days | 86.16 | -0.35 | -0.40% | |||
Oklahoma Sweet • 2 days | 86.25 | -0.25 | -0.29% | |||
Kansas Common • 5 days | 80.25 | +0.25 | +0.31% | |||
Buena Vista • 6 days | 95.08 | -0.15 | -0.16% |
Crown Prince Mohammed bin Salman…
Amid a increasing global appetite…
U.S.-based Chevron, which three months ago announced plans to explore for petroleum in Liberiaâs offshore waters, is starting deep-water drilling in Liberiaâs Exclusive Economic Zone situated in the oil-rich Gulf of Guinea, which Monrovia is hopeful might move Liberia into the ranks of western Africa's oil producing nations.
Chevronâs commitment makes a significant vote of confidence in Liberiaâs economy, which was decimated by two and one half decades of civil war, Allafrica news agency reported.
Chevronâs Liberia country manager Karl Cottrell said, "If we are successful, we are looking at investments of billions of dollars," a massive windfall for a country whose GDP the CIA estimated in 2010 to be $1.691 billion.
Not that the cash will flow immediately, as Cottrell cautioned, "Between now and when we can foreseeably see oil production on any exploration success, is roughly eight to 10 years."
Chevronâs agreement signed in March allows the company to explore three deep-water blocks off the Liberian coast totaling 3,700 square miles in which Chevron will retain a 70 percent interest. Cottrell added that the company has identified its first offshore well location and "That allows us to do the detailed design on how we actually drill that well."
By. Charles Kennedy, Deputy Editor OilPrice.com
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