African Petroleum pulls out of Liberia offshore blocks

african-petroleum-spuds-offshore-liberia-wellABIDJAN Nov 23 (Reuters) – West Africa-focused oil and gas company African Petroleum is pulling out of its two Liberian offshore prospecting licences after it failed to attract new partners, it said in a statement on Wednesday.

Production-sharing contracts for the LB-08 and LB-09 blocks formally expired in June, and African Petroleum had been in negotiations with the Liberian authorities for an extension to allow it time to seek out new investors.

It blamed challenging market conditions for exploration and a lack of commercial discoveries in Liberia for a lack of industry interest in the blocks.

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SOURCE: News Now / Reuters

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