West Africa-focused oil and gas company African Petroleum is pulling out of its two Liberian offshore prospecting licenses after it failed to attract new partners, it said in a statement on Nov. 23.
Production-sharing contracts for the LB-08 and LB-09 blocks formally expired in June, and African Petroleum had been in negotiations with the Liberian authorities for an extension to allow it time to seek out new investors.
The company blamed challenging market conditions for exploration and a lack of commercial discoveries in Liberia for a lack of industry interest in the blocks.
"It is therefore disappointing to be exiting the country; however, our near-term focus and resources must go towards the other more exciting assets within our portfolio," CEO Jens Pace said in the statement.
The company, founded by Australian businessman Frank Timis, has equity interests in eight remaining licenses in Senegal, Gambia, Ivory Coast and Sierra Leone.
While West Africa's Gulf of Guinea has long been home to the continent's main oil producers--Nigeria, Angola, Gabon and Equatorial Guinea--discoveries in Ghana have pushed companies to expand exploration operations further west.
Recommended Reading
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
2024-02-15 - The operator is dropping two of five rigs in its legacy East Texas and northwestern Louisiana play and continuing two north of Houston.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Well Done Foundation Wins California Orphan Well Project
2024-02-12 - Nonprofit Well Done Foundation will plug orphan wells in Santa Barbara County, California, starting in Orcutt and Santa Maria.
Range Resources Expecting Production Increase in 4Q Production Results
2024-02-08 - Range Resources reports settlement gains from 2020 North Louisiana asset sale.