Government announced Friday that it has entered into an agreement with the Chevron Corporation to explore three deep-water concessions in Liberian waters.
Under the agreement, the company will conduct a three-year exploratory program that is expected to begin in the fourth quarter of 2010.
A statement issued from the Executive Mansion said the agreement has been approved by the Executive Mansion and submitted to the Legislature for consideration and ratification.
“These investments, along with the rehabilitation of the Freeport of Monrovia and the first direct flights from the U.S. to Monrovia in 20 years starting September 5 through Delta Air lines, will provide real economic opportunities for the people of Liberia,” the statement said.
The statement quoted President Ellen Johnson-Sirleaf as saying: “We are delighted to welcome Chevron as a partner for Liberia to explore our oil and gas assets. Along with its investment, Chevron will bring the latest technologies, best practices in transparency and efficiencies, and an excellent record of community and social responsibility.”
“Energy is one of my top priorities, and with Chevron’s technical skills, we will be able to build our own capacity in the sector, making a meaningful contribution to economic growth and job creation. This is a crucial partnership for Liberia,” Sirleaf was said to have added.
Chevron’s entry into Liberia consolidates a growing trend of major international investment projects in the country’s strategic sectors.
It is a further vote of confidence in the nation’s future, adding to the list of Liberia’s other business partners, including ArcelorMittal, Firestone, BHP Billiton, Sime Darby, Anadarko Petroleum, China Union, and, most recently, a $1.6 billion agreement with Golden Veroleum.