Chevron Corp has said it will begin a three-year exploration program to find oil in the deep water off the shore of Liberia. Liberia doesn’t yet produce crude but has a lot of acreage and is a promising region for the future findings of new crude deposits. Chevron was lucky to find Liberia, a nation that is still accepting of foreign investments in its natural resources. The drilling is scheduled to begin next year and Chevron will have other base locations in countries such as Angola and Nigeria seeing as Chevron has a lot of business in Africa.
This new development in Liberia is the sign of great confidence in the country and could be what the country needs to pull it out of its rut. The country has been suffering from civil war and poverty. The development of oil and investment of a major oil industry could help repair their nation and boost it to the ranks of oil powers in Africa such as Uganda. The president of Liberia believes this foreign interest will help the economy as a whole through the creation of jobs and possible oil finds. Until now, Liberia’s main exports were rubber and timber, but this could change quickly in the future.
-Nicole Lombardo
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