If oil is found in commercial quantity it could take up to 2016 to market, the National Oil Company of Liberia has hinted.

According to a release yesterday, two European-based firms and an Australian-based firm have entered into a Production Sharing Contract with the Liberian oil company.

Under the contract, each of the three firms is expected to, within eight years as of September 2008, conduct geologic and seismic work, during which in the first four years, the firms are required to carry out a minimum work of 1,500 square kilometers of 3D seismic survey and drill one exploratory well to a minimum depth of 2,000 meters on each block.

The release also said during the second and third exploratory phases of two years each, the firms would have to carry out a minimum work program commitment to drill one exploratory well per block in each period to a minimum depth of 2,000 meters excluding the water depth.

The European Hydrocarbon Limited, an oil company incorporated under the laws of England and Wales is one of the three firms contracted for blocks LB-8 and 9 while Woodside West Africa PYT. Limited, an Australian registered company is the other firm contracted for block LB-15.

Repsol Exploration, S.A., is the third firm incorporated under the laws of Spain which has contract for blocks LB-16 and 17.

If all goes well, at least 15 exploratory oil wells are expected to be drilled within the next eight years.

Source: The News (Liberia)