Chevron Targets Liberia Drilling In Q4

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Chevron, the second-largest U.S. oil company, said today it is planning to drill its first well off the coast of the African nation of Liberia in the fourth quarter of this year. California-based Chevron has three deep-water concessions off the coast of Liberia.

Chevron (CVX) won approval from the Liberian government last year to drill blocks LB-11, LB-12 and LB-14, 12 to 110 miles south of Liberia's capital, Monrovia, according to Reuters. As is the case with many African countries, Liberia is home to possibly substantial oil reserves, but is also working to rid itself of years of civil war and political instability.

West Africa has become a more attractive destination for Western energy producers after Texas-based Anadarko Petroleum (APC) found oil in Sierre Leone, which is near the border of Liberia.

Chevron, a Dow component, is one of the more active U.S. oil companies on the African continent with operations in Angola, Chad, the Democratic Republic of the Congo, Nigeria and the Republic of the Congo, according to the company's Web site. OPEC members Nigeria and Angola are Africa's two largest oil producers.