Liberia: Liberia’s Hydrocarbon Potential Sparking Interest in Current Bid Round, Despite Ebola Challenges, says GlobalData Analyst

Oct 11, 2014 | Sierra Express Media
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LONDON, UK (GlobalData), 9 October 2014 – Liberia’s current invitation-only bidding round has ignited interest among international oil companies, due to the country’s considerable hydrocarbon potential and favorable fiscal terms. However, the Ebola virus outbreak and Liberia’s poor infrastructure will pose challenges to the round, says an analyst with research and consulting firm GlobalData.

• Three oil discoveries from six wells have been confirmed during active exploration program in Liberia

• The country ‘has the potential to become a major West African oil and gas producer if ongoing exploration proves successful,’ says analyst

Since being announced on 5 August this year, Liberia’s bid round, whichoffers offshore Blocks LB-6, LB-7, LB-16 and LB-17, located in water depths ranging from 500 to 3,800 meters, has been extended to 14 November 2014.

According to Gustavo Bianchotti, GlobalData’s Senior Upstream Analyst covering Europe, the Middle East and Africa, no commercial discoveries have been made in Liberia to date, but oil traces have been found in 13 wells since the early 1970s. An active exploration program has resulted in three confirmed oil discoveries from six wells, and releasing the data from the remaining wells would attract more attention to Liberia’s bid round.

• Three oil discoveries from six wells have been confirmed during active exploration program in Liberia
• The country ‘has the potential to become a major West African oil and gas producer if ongoing exploration proves successful,’ says analyst