Liberia has a very modest oil industry. The security situation in Liberia and the war in Sierra Leone are barriers to international investment. Limited exploration has occurred with seven wells having been drilled between 1970 and 1985.
In terms of downstream activity, all products are imported from neighboring companies since the refinery at Monrovia was mothballed.
Liberia does not have a well-developed upstream oil industry. No viable oil and gas discoveries have been made and there is therefore no production or field development. However, the Liberian Government has declared in recent months that it has discovered sizable amounts of crude oil along its Atlantic coast.
Hydrocarbon exploration started in the late 1960s with Frontier, Chevron and Union Carbide being active. Before exploration was interrupted in 1972, four wells were drilled and abandoned as dry.
The Liberian offshore can be considered underexplored with limited data from seismic, gravity and magnetic surveys and seven wells over an area of more than 50,000 square kilometers.
In 1998, Société Petroleum Oceanique and Golden Gate Resources Ltd signed a Technical Cooperation Agreement (TCA) for offshore Block C. The initial technical study has been completed and a PSC is now being negotiated.
Xpronet also held a TCA for offshore Blocks E, F, G and H but this has now lapsed and these blocks are believed to be on offer.
In mid 1999, Australian companies, Daytona Energy Corporation and Fusion Oil and Gas signed a joint venture agreement for the exploration of offshore Block A. Fusion, having taken over as operator from Daytona, has completed an initial review of Block A and is seeking to convert the Technical Cooperation Agreement (TCA) into a Production Sharing Contract (PSC). It is also seeking to extend its lease area.
Petroleum Law & Legislation
The oil industry is regulated by the Ministry of Land, Mines and Energy, having Hon. Eugene H. Shannon as its minister.
Oil & Gas Companies
Some of the notable oil and gas companies operating in Liberia are:
- Daytona Energy Corporation
- Fusion Oil and Gas
- First Clearing Ltd.
- Oil production: 0 bbl/day(2008)
- Oil Consumption: 4,000 bbl/day(2008)
- Oil Exports: 23 bbl/day(2007)
- Oil Imports: 4,263 bbl/day(2007)
- Oil Proved Reserves:0 bbl (2009)
- Natural Gas Production: 0 cu m(2008)
- Natural Gas Consumption: 0 cu m (2008)
- Natural Gas Exports: 0 cu m (2008)
- Natural Gas Imports: 0 cu m (2008)
- Natural Gas Proved Reserves: 0 cu m(2009)