It's safe, is my guess, unless it has been stored in too warm a place. Olive oil can go rancid over time - and you'd know it as soon as you tasted it, if it had. But kept in a cool place, it can last for years.

At Christmas 1999 I was sent four 25-kg cans of oil by a friend who has a couple of hundred olive trees. They travelled with me from Greece to the UK in 2000, then from one address to another in the UK in 2003. I took one to a friend in Scotland. They have been stored in the garage, in the shed, out in the rain (they are hermetically sealed with wax). I have about 1/3 of a can left, and it's still OK.