No Significant Oil Find at Project Off Liberia

Posted November 9th, 2011 at 9:10 am (UTC-5)
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Energy firms have abandoned an oil-drilling project off the coast of Liberia, after failing to find major deposits at the site.

Tullow Oil said Wednesday that drillers had found only “non-commercial” quantities of oil at the Montserrado-1 exploration well in the Liberian basin.

It said the well is being plugged and abandoned and the drillship is being moved to another exploration site in Sierra Leone.

In a statement, Tullow’s exploration director said the company will conduct follow-up drilling off Liberia, using insights from the failed well.

Tullow has made major discoveries in other parts of Africa, most notably off the coast of Ghana, where the company began pumping oil late last year.

Tullow owned a quarter of the Montserrado-1 project, along with U.S.-based Anadarko Petroleum and the Spanish company Repsol.