• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 42 mins Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 8 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 6 hours Will Uncle Sam Step Up and Cut Production
  • 12 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 21 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 21 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 21 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 15 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 2 days Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
OPEC Oil Production Continues To Slide As Saudis Cut Deeper

OPEC Oil Production Continues To Slide As Saudis Cut Deeper

OPEC’s crude oil production fell…

Oil Markets Face Nightmare Scenario

Oil Markets Face Nightmare Scenario

Financial markets saw their worst…

Chevron to Begin Deepwater Drilling off Liberia

U.S.-based Chevron, which three months ago announced plans to explore for petroleum in Liberia’s offshore waters, is starting deep-water drilling in Liberia’s 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.

Chevron’s commitment makes a significant vote of confidence in Liberia’s economy, which was decimated by two and one half decades of civil war, Allafrica news agency reported.

Chevron’s 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."

Chevron’s 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



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play