National Oil Company of Liberia keen to form partnerships to further develop local opportunities #nocsconf
Randolph McClain, President and CEO of the National Oil Company of Liberia spoke about the emerging opportunities in Liberian oil and gas industry today at the 2012 World National Oil Companies Congress. In the past Liberia has had an underdeveloped oil industry, and have been dependent upon neighbouring countries. The war with Sierra Leone and the security situation have made international investment difficult.
Today the situation is different, with oil discovered off the coasts of Liberia and Sierra Leone. African Petroleum, an oil and gas exploration company indicated that their exploratory well drilled in Block LB-9 has indicated a potential large accumulation of oil, with officials estimate to be over a billion barrels.
Currently Liberia has marked out 13 new offshore oil blocks and there are 5 possible for bidding. The Liberian government is in full support to form a strategic partnership with the private sector to further explore these areas to benefit and further develop Liberia. These projects have the potential to revitalize the west coast of Africa.