Liberia: Legislature Ratifies Block 16 Oil Agreement

Dec 19, 2014 | Obediah Johnson, Heritage
View Original

Monrovia — The 53rd Liberian Legislature has ratified the Production Sharing Contract (PSC) of Liberia offshore oil Block 16 between the Government of Liberia (GoL) and Liberty Petroleum Corporation Liberia Limited, Pillar Oil Limited and New Millennium Oil and Gas.

The House of Representatives took the decision on Thursday, December 18 following the reading of a communication from its Joint Committee Lands, Mines, and Energy, Natural Resources, Contracts, Monopolies and Public Procurement, Investment and Concessions during regular session in its chambers, while the Liberian Senate took its decision in closed session.

But the Senators and Representatives did not only ratify Block 16 Production Sharing Contract (PSC), but also passed into law the National Oil Company of Liberia (NOCAL) and the Petroleum Exploration and Production Acts of 2013.