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Exxon seals deal to drill offshore Liberia
April 5, 2013 / 4:05 PM / in 5 years

Exxon seals deal to drill offshore Liberia

April 5 (Reuters) - Exxon Mobil Corp’s deal to buy a majority interest in an offshore Liberia oilfield closed on Friday, an important step toward development of that country’s resources.

The deal, which adds heft to Liberia’s nascent oil industry, comes as the impoverished West African state is seeking to overhaul its petroleum policy and bolster transparency.

The agreement received final approvals from the Liberia national legislature and Liberia President Ellen Johnson Sirleaf.

Exxon, which acquired an 80 percent interest in Liberia Block 13 from Canadian Overseas Petroleum Ltd, will be the project’s operator.

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