Liberia signs oil exploration agreement with majors COPL, ExxonMobil

Liberia’s Extractive Industries Transparency Initiative (EITI) is auditing more than US$8 billion worth of oil, mining, and agriculture contracts amid mounting pressure on President Johnson-Sirleaf to clean up the sector.

Liberia, which was adversely affected by 14 years of on-off civil war, which ended in 2003, hopes that the discovery of oil will present the country with the much needed revenue to help it rebuild.

Block 13 was previously held by little-known UK energy firm Peppercoast Petroleum which agreed to give up its rights after missing its drilling targets.

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