Liberty Petroleum Secures 3 Deepwater Blocks in Somalia

U.S.-based exploration company Liberty Petroleum signed Production Sharing Agreements (PSA) for three deepwater blocks in Somalia. Through its subsidiary Petro Quest Africa, Liberty Petroleum will explore Blocks 131, 190, and 206.

The PSAs allow for a five-year exploration period and grant Liberty Petroleum approval to conduct evaluations and 3D seismic surveys. The data will determine drilling viability.

“We are aware of the responsibility that now lies on our shoulders to explore and hopefully develop the petroleum resources within these blocks in a manner that delivers maximum benefit to the people of Somalia,” stated Liberty Petroleum CEO Lane Franks.

To date, only two wells have been drilled offshore Somalia, both in shallow waters. The country is estimated to hold as much as 30 billion barrels of oil reserves.

Source: Energy Capital Power