Liberia/Nigeria: Liberia, Nigeria Ratify Oil Production Deal

Dec 22, 2014 | Chika Izuora, Leadership
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The legislature in Liberia has given its nod to a production sharing arrangement with a Nigerian oil firm operating in that country.

The Liberian Senate at the weekend concurred with its House of Representatives on the bill to ratify the production sharing contract (PSC) between the Republic of Liberia, the Liberty Petroleum Corporation of Liberia, the Pillar Oil Limited of Nigeria, and the New Millennium Oil & Gas for Liberia’s offshore Oil Block LB16.

According to the secretary of the Senate, J. Nanborlor F. Singbeh, who briefed the legislative press at the weekend, the awarding of the contract was recommended by an American company, Ernst & Young, involved in the vetting of companies that participated in the bid round earlier this year.