Ahead of this much-anticipated launch, the National Oil Company of Liberia (NOCAL) is optimistic that oil will be found in commercial quantity which proceeds will help alleviate some of the burning economic challenges that the country is being faced with. The bid round allows a single oil company or a group of oil companies to apply for a Production Sharing Agreement in a competitive and transparent environment, giving them the right to search for commercial deposits of oil. Ivory Coast discovered oil just right around the same area we are going to launch the bid round,” he said. This means that there is a prospect of oil but all we have not done is to discover oil,” he said, adding, “This is why efforts are geared towards ensuring that the process leading to discovery is sanitized and prudently guided science.”The question about whether Liberia has oil in commercial quantity, according to the NOCAL VP, depends on the technology that is employed during the exploration and extraction or drilling processes. So you can have oil but, if to get the oil out costs more than the market value, people tell you that it is not commercially viable.

Source: Daily Observer February 20, 2020 03:22 UTC