ExxonMobil finalises Liberia deal


Issue 250 - 14 Mar 2013 | 1 minute read

Canadian Overseas Petroleum Ltd (COPL) has agreed a new PSC for Block LB-13, bringing in ExxonMobil as a partner. The deal, whose terms had created controversy within Liberia, will now be sent to parliament for ratification. COPL Bermuda has a 20% working interest, while ExxonMobil has 80% and will pay COPL’s share of the first $120m of drilling costs. The new PSC includes a $50m signature bonus.

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