Monrovia Liberia – The Liberia Petroleum and Regulatory Authority has assured Liberians of its commitment to use the Law in the promotion of un-discovered assets in the oil and gas sectors of the Country.
LPRA said all policies and regulatory framework have been designed to ensure Liberians utilize the licensing blocks for oil and gas exploration.
According to LPRA Director General Achie Donmo, the government of Liberia is committed to improving transparency, accountability and good governance in the oil and gas sectors.
Mr. Donmo re-iterated the LPRA commitment to ensuring that Liberians benefit from equitable distribution and equal participation of the oil and gas resources.
He made the comments at the start of 3-day consultations on petroleum regulations, strategy and model in the oil and gas sectors in Monrovia.
Mr. Donmo stressed the need for international oil and gas companies to be licensed to explore the over five year vacant offshore basin.
The LPRA Boss said the 3-day consultations will see experts present on issues including, regulations on pre-qualification requirements.
Other issues include, regulations of disclosure of ultimate beneficial ownership, strategy on Liberian businesses participation and model production sharing contracts.