Chevron Corp (CVX) and Liberia has signed a deal to explore for oil and gas in three deepwater blocks off the West African country’s coast. The three-year exploratory program is expected to start in in the fourth quarter this year.
“We are delighted to welcome Chevron as a partner for Liberia to explore our oil and gas assets,” Liberian leader Ellen Johnson-Sirleaf said in the statement. ’’Along with its investment, Chevron will bring the latest technologies, best practices in transparency and efficiencies, and an excellent record of community and social responsibility.’’
President Ellen Johnson Sirleaf, who came to power in 2006, is likely to stand for re-election.
She has been praised for restoring stability and encouraging investors, which include ArcelorMittal (ISPA) and the world’s biggest miner BHP Billiton (BHP) (BLT), though critics say she has failed to crack down on corruption.
Liberia, which is recovering from a decade and half civil war that ended in 2003, is looking to exploit potential offshore oil and has granted exploration rights to Repsol Exploration SA, Woodside West Africa Pty Ltd., Regal Liberia Ltd., and Anadarko Petroleum Corp. (APC) among other companies.
