Liberian oil sector wants more foreign investors

President Ellen Johnson Sirleaf of Liberia expressed openness to more foreign investments in the country when she mentioned the importance of transparency, especially within the nation’s economy.

This was one of the highlights of President Sirleaf’s message during a lecture sponsored by oil giant Chevron. Sirleaf was optimistic that adopting economic changes will lead potential investors to Liberia.

In recent news, Sirleaf said that “Liberia is committed to openness and accountability to encourage investment by foreign oil and gas companies but in a way that increases opportunities for Liberia’s people”.

She also mentioned that around $16 billion worth of oil investment flowed into the country sometime between 2005 to 2011, and that she has created a committee that will focus on resolving conflicts of interest, if any, within the country’s oil and gas industry.

She stated that “Liberians have high expectations — the learning curve is steep — and we are committed to getting it right to ensure long term peace, security and economic development.”

Two years ago, Chevron confirmed that Liberia finally approved its proposal to invest in oil wells in the Liberian coast.  As a result, Chevron gained a major stake of up to 70 percent in three deepwater oil wells located within miles south of the Monrovia capital.  Chevron’s subsidiary operates each of the oil well concessions.

Sirleaf is serving her second term as Liberian President following successful 2011 elections.  She beat Winston Tubman, a former diplomat.

By Chris Termeer