The Promise of a Better Tomorrow

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01-Aug-2012

Nationwide Consultation on the Draft Petroleum Policy

Summary of the presentation  

Background to Sector

  • Liberia started drilling for Oil since 1940
  • However, the country did not find
    oil until 2011 when Africa Petroleum
    announced a Significant Discovery
  • Liberia is not producing oil yet. Oil was only
    discovered for the first time in Feb 2011
  • We do not know yet if that discovery is in
    commercial quantities – enough to produce. It must
    be analysed first
  • If after analysis later this year the oil proved to be
    commercial, production could start in 5 to 7 years

Reason for Reform

  • Oil is a finite resource – it is difficult to extract and it
    runs out eventually
  • Oil can generate huge revenues, but it also carries risks.
    It can increase corruption, inequality, damage the
    environment and even cause war
  • This requires the right policies, laws and capacity.

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