Liberia: USA Oil Giant to explore Liberia’s Oil potential

By Correspondent from Monrovia,Liberia – A newly office for American oil giant Chevron has been finally opened in Monrovia the capital of  Liberia, The ceremony took on last thursday with the cutting of  the ribbon of the oil company’s offices at 15th Street, Sinkor in the heart of the capital .

chevron  oil Addressing the occasion was Chevron Managing Director for Nigeria/Mid-Africa Strategic Business Unit, Andrew Fawthrop. He stressed the company’s commitment to working in all sectors of the country. “We continue to work closely with the relevant government ministries and a range of development organizations in Liberia. The company’s success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world,” he added.

He averred that while the company explores, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products, a partnership with the local’s remains integral to their activities.

Chevron-Liberia before opening its office in Liberia has constructed water wells and latrine facilities in more than 40 communities in Monrovia and has donated a generator to Grant Mari or Redemption Hospital, among several others, officials say. The company is also expected to fully furnish a computer lab for a vocational training purpose at the Booker Washington Institute in Kakata, Margibi County.

In his speech as the opening ceremony, Vice President of Liberia Joseph Boakai said the oil find and exploration by Chevron is a development which is a milestone in the country’s economic revitalization process.  With the soon to start exploration “energy exploration remains one of Liberia’s top priorities” says the Vice President. Therefore, Chevron’s technological expertise, financial strength, and commitment to safety would help to unlock the exciting potential of Liberia becoming an oil producing country and rich energy nation.

Chevron in Liberia represents an expression of confidence in the Liberian society, which is an essential condition for attracting other major investors in all sectors of our economy. The potential revenue, if oil is discovered, will help transform the economy and accelerate future growth of our country, Vice President Boakai added.

He further said asserted that central to Liberia’s ability to collaborate with companies such as Chevron, in developing innovative social capital and social investment plans to support the communities across Liberia is pivotal to nation-building. The Vice President lauded and urged Chevron-Liberia’s economic development initiative, which, according to him, has taken roots in the country and can be seen physically in terms of infrastructure development.

At event was National Oil Company (NOCAL) President Christopher Z. Neyor; Chevron managing Director for Nigeria/Mid-Africa Strategic Business Unit, Andrew Fawthrop, and Karl Cottrell, Chevron-Liberia’s country manager.

For his part, NOCAL-President Neyor said as a frontier country new to hydrocarbon exploration, Liberia is yet to drill the first exploration well in its offshore deepwater. He added that interesting geology and good fortune have been on the side of Liberia to attract one of the biggest oil companies in the world. The interesting geology is the jubilee discovery in Ghana now in production, and the recent mercury discovery at the Liberia – Sierra Leone border, north of Liberia, along with attractive features of acquired seismic data of the Liberian basin have close semblance to those discoveries.

Mr. Neyor disclosed that drilling is an expensive and risky business, with the costs starting at some $60 million per well, depending on water depth.

The NOCAL boss revealed that it is the desire of President Ellen Johnson Sirleaf that revenue from the country’s resources is transparent across the entire spectrum of receipt and usage through the Extractive Industry Transparency Initiative (EITI).He intimated that the prospect of Liberian citizens acquiring equity in oil blocks and participating in all of the support services of the oil and gas business exists.

Credit: Liberian observer