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Liberia Marks out New Oil Blocks, Auction Seen Soon

Source: Reuters 7/20/2011, Location: Africa

Liberia has marked out 13 new, ultra-deep offshore oil blocks and will soon auction about half of them to international oil firms, the head of the West African country's oil company told Reuters on Wednesday.

Christopher Z. Neyor, president of Liberia National Oil Co, said the country did not yet have any proven reserves but Anadarko, African Petroleum AOQ.NH and Chevron would be drilling this year in some of the existing 17 blocks and there were "very good signs for oil discovery". Liberia will insist on a 10 percent citizen participation in oil operations while some oil blocks will be exclusively offered to firms from the country, Neyor said.

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