West Africa focused independent African Petroleum is to drop its production sharing contracts for blocks LB-08 and LB-09 after they expired.
The PSCs formally expired in June 2016 and since then the firm has been in discussions with Liberian authorities over a possible extension, but an agreement wasn't reached.
Africa Petroleum had been seeking partners on the PSCs, but had seen little interest "as a result of the challenging market conditions for exploration activity and the lack of commercial discoveries in Liberia."
CEO Jens Pace said: "African Petroleum has been active in Liberia for some time and has played a major role in helping to progress the industry in the country through the successful drilling of three exploration wells, including the non-commercial discovery at Narina-1. It is therefore disappointing to be exiting the country; however, our near term focus and resources must go towards the other more exciting assets within our portfolio that are generating the most industry interest and lie within proven hydrocarbon systems adjacent to world class commercial discoveries."
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