) Liberian affiliate has finally completed the acquisition of an
80% interest in Liberia Block 13 (LB-13) from Canadian Overseas
Petroleum (Bermuda) Ltd. (COPL). Liberia Block 13 is 18 miles (30
kilometers) offshore Liberia's central coast.
Located offshore Liberia in water depths between 250 feet and
10,000 feet, LB-13 spans over 625,000 acres (2,500 square
kilometers). After receiving final approvals from the Liberia
national legislature and Liberia President, the transaction
closed on Apr 5, 2013.
ExxonMobil will be the operator of LB-13, while COPL will hold a
20% interest in the block. With an intention to begin complying
with the requirements of the production sharing contract,
ExxonMobil intends to open its venture office in Liberia's
capital Monrovia within a period of 180 days. The contract
requires the company to drill an exploration well within three
The contract is a key milestone achieved by the company in its
efforts to develop the hydrocarbon resources of the region.
ExxonMobil's capability to develop resources will help the
government of Liberia to work for the benefit of the region.
Liberia's emerging oil industry offers numerous prospects and the
company's entry at this point positions it advantageously.
Recently, ExxonMobil announced its plan to develop a huge
floating liquefied natural gas project (FLNG) to process gas from
its Scarborough field, off the coast of Western Australia. The
project was in response to the rising cost of setting up LNG
plants onshore Australia.
ExxonMobil holds a Zacks #3, which is equivalent to a short-term
Hold rating. However, the Zacks Ranked #1
Stone Energy Corp
Range Resources Corporation
NGL Energy Partners LP
) are expected to outperform the market over the next few
NGL ENERGY PART (NGL): Free Stock Analysis
RANGE RESOURCES (RRC): Free Stock Analysis
STONE ENERGY CP (SGY): Free Stock Analysis
EXXON MOBIL CRP (XOM): Free Stock Analysis
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