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Liberia has huge potential to be an oil-producing nation in the near future. With an increasing number of hydrocarbon discoveries in West Africa over the past few years and oil discovery in February 2012 in the Narina well offshore Liberia by African Petroleum, interest in Liberia and West Africa should only accelerate. Indeed, major oil and gas companies such as Chevron, Tullow, Repsol, Anadarko and ENI already hold acreage in Liberia, and ExxonMobil recently acquired an interest. This article looks at a new model of Production Sharing Contract, which was developed as part of a recent transaction whereby Canadian Overseas Petroleum (Bermuda) Limited (COPLB) and ExxonMobil Exploration and Production Liberia Limited (ExxonMobil Liberia) acquired 20 per cent and 80 per cent, respectively, of Liberia Offshore Block LB-13 (Block LB-13). This article examines certain key features of the Production Sharing Contract entered into as part of the above transaction and how the issues addressed in this Production Sharing Contract might be applied to other emerging oil nations in West Africa.
Journal of World Energy Law and Business – Oxford University Press
Published: Apr 10, 2014
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