Liberia oil firm optimistic of ‘’potentially significant discovery’’
Liberia has said a ‘’potentially large accumulation of oil deposit’’ has been discovered off the country’s coast.
“This news is good news for Liberia, and we are cautiously optimistic. We do not yet really know how much is down there. But we know, according to African Petroleum, that this discovery is of very good to excellent quality oil,’’ said Dr. Randolph McClain, President of the state-owned National Oil Company of Liberia (NOCOL).
A NOCOL press statement issued Monday evening said the announcement by African Petroleum that its narina-1 exploratory well drilled in Block LB-09 off shore has discovered the deposit.
But the Liberian oil company said though early indications are positive, the exact extent of the deposits found is not yet known.
African Petroleum will later conduct tests to further evaluate the quantity of the oil discovered.
The President of the state-owned oil company has expressed cautious optimism about the oil find, but urged everyone to be patient.
Meanwhile, the Liberian oil company boss has said his institution has to ‘’work double time to get its house in order,’’ citing reform of policies, laws and regulations for total transparency in the country’s oil sector.
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