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Huge oil deposits discovered In Liberia

(Xinhua)

08:47, February 22, 2012

MONROVIA, Feb. 21 (Xinhua) -- The African Petroleum (AP), an oil and gas exploration and development company in West Africa, announced on Tuesday that a potentially large accumulation of oil deposits had been found off the coast of Liberia,

The discovery was made at National Oil Company of Liberia (NACOL) Narina-1 exploratory well drilled in Block LB-09.

Randolph A.K.W. McClain, the president and CEO of NACOL , told a press conference that his institution welcomes the announcement by the AP that their Narina-1 exploratory well drilled in Block LB- 09 off the coast of Liberia has indicated a "potentially large accumulation of oil deposits, while emphasizing that development of any oil discovery would take several years."

Elated over the pronouncement of the country's latest oil discovery, McClain said, "This is good news for Liberia, and we are cautiously optimistic."

He said he cannot determine the appropriate commercial value or quantity of oil so far but holds the fact that revelation from the AP concerning the latest and impressive study regarding the discovery points to a good quality of oil in the country.

"So, now we urge everyone to be very patient. It will take time to fully appraise this discoveries, and years before a drop of oil is produced from the well." he said.

He called on civil society organizations, the private sector to join the process for the good of the nation by ensuring success in the oil industry.

Although early indications are positive, the exact extent of the deposits found in LB-09 is yet unknown. Meanwhile, the AP would in the shortest phase from now on conduct tests to further evaluate the quantity of oil discovered so far.

According to McClain, the process necessitating the tests for the oil's discovery would take a pretty extended time. He told reporters that the country's oil evaluation would indicate as to whether the deposits are in sufficient quantity to be commercially viable for production. NACOL said a period of additional 5 to 7 years is expected for the project immediately after the appraisals.

The discovery by the AP is said to have taken place in Block LB- 09 off the coast of Liberia. This block is one of the blocks being operated by the company under a Production Sharing Agreement (PSA). The PSA was negotiated by the executive branch and then later ratified by the legislature in 2008. The exploratory well is among several that have been drilled during the periods 2011 and 2012.

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