Bloomberg News

Exxon Mobil and Liberia to Hold Talks Over Offshore Oil Block

May 01, 2012

The National Oil Co. of Liberia will hold talks with Exxon Mobil Corp. (XOM:US) and Canadian Overseas Petroleum Ltd. after it approved in principle a plan that would see Exxon take 70 percent control of an offshore oil block.

“Nocal looks forward to working with Exxon Mobil and COPL to conclude a fair contractual agreement and bring the saga of Block 13 to a satisfactory conclusion,” Randolph A.K.W. McClain, president and chief executive officer of the Liberian company, said in a statement published yesterday on its website.

The proposed deal will see the current owners of the block, Isle of Man-registered Peppercoast Petroleum Plc, transfer its 100 percent interest to a unit of Calgary-based Canadian Overseas (XOP), known as COPL.

Exxon will immediately get a 70 percent stake from COPL, according to the statement from Nocal, as the Liberian company is known.

The talks will take place in London next week and include McClain, as well as Liberia’s ministers of justice, finance and lands, mines and energy, according to Nocal.

To contact the reporter on this story: Pauline Bax in Abidjan via Accra at pbax@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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Companies Mentioned

  • XOM
    (Exxon Mobil Corp)
    • $103.18 USD
    • -1.10
    • -1.07%
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