ExxonMobil to Explore Offshore Liberia Block 13
IRVING, Texas--(BUSINESS WIRE)-- Exxon Mobil Corporation (NYS: XOM) announced today 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.
Statements in this release regarding future events and conditions are forward-looking statements. Actual future results, including resource recoveries and project plans, costs and timing, could differ materially due to changes in long-term oil and gas price levels or other market conditions affecting the oil and gas industry; regulatory approvals and other political or legal developments; the results of technical studies or exploration activities; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" posted in the Investor Information section of our website (www.exxonmobil.com).
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world's growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com.
Media Line, 972-444-1107
KEYWORDS: Liberia United States North America Africa Texas
The article ExxonMobil to Explore Offshore Liberia Block 13 originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.