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Liberia: Country Could Have Oil
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The NEWS (Monrovia)
7 July 2008
Posted to the web 7 July 2008
Monrovia
The Board Chairman of the National Oil Company of Liberia (NICOL) Cleamesuer Urey says there are probabilities that Liberia could have oil as search for one of the world's hottest natural resources continue off its shore.
Mr. Urey said if oil is discovered in Liberia, some of the soio-economic problems the country is facing today would be solved.
He said studies conducted indicate that there are high probabilities that oil could be found in Liberia.
Urey spoke last week at the second Liberia offshore Petroleum Biding. The bid process took place at the Episcopal Church Plaza on Ashmun Street.
Three companies biding for blocks include H.K. Tong Tai International, Mittal Investment SARL and Anardaco, an American firm said to have been involved in the discovery of oil in Ghana. The three companies each made a non-refundable payment of US$25,000 to begin the process.
Mr. Urey is not the only person hoping to see the realization of the Liberian oil dream, Geologist Eugene Shannon who is Minister of Lands, Mines and Energy said Liberia has a 50-70% of chances of discovering oil.
He indicated that based on geological information that the Gulf of Guinea is where some West African nations have discovered oil, it is highly probable that Liberia could discover oil as well.
The President of NICOL, Dr. Fodee Kromah, also a geologist, said the same kind of rocks and environmental structures found beneath the sea in West African countries that have discovered oil were also found within Liberian offshore, suggesting that oil could be discovered here.
"There's no instrument that tells you there is oil here until you drill, but you have to keep trying until a discovery is made," he said.
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For now, he said Liberia will keep trying until oil is found.
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