Oil exploration in Liberia has for many decades appeared a folktale, with the population informed about the presence of the mineral on its shore, specifically the belt along Rivercess County, while under given circumstances those in the echelon of government have not been specific about the issue.

A year ago, Liberian experts in the mining sector held a round-table conference to debate this issue.

Grand Kru County Senator Cletus Wotorson former Managing Director of the Liberia Petroleum Refining Company, Nathaniel Richardson, a geo-physicist of Geo Services, Dr. Fodee Kromah, ex- Minister of Lands, Mines & Energy, Dr. Eugene Shannon, current Minister of Lands, Mines & Energy and seasoned environmentalist could not determine whether the mineral was indeed off the shores of the country.

However, with keen observers considering the affair as purely political for many years, grounded on premises that it would require an incorruptible government to allow international investors to explore the sector, since it would relieve Liberia of many economic difficulties, the Unity Party-led administration has taken up the challenge to establish the facts.

The attempt comes at a time that the Liberian nation is gradually recovering from 14 years of devastating civil crisis and is tirelessly working to ensure that maximum is made of its available resources for speedy national reconstruction desired by its people, notwithstanding appreciable international support.

Having examined the prospects, the Legislature chairpersons on the Executive, Rep. K. Morris of Montserrado County and Senator Gloria Musu-Scott of Maryland County, Wednesday presented copies of the recently approved supplementary bill for oil exploration to Pres. Johnson-Sirleaf on Capitol Hill.

An Executive Mansion press release issued over the weekend said the lawmakers also submitted approved copies of the recently-approved oil exploration contract to the Liberian leader, although details could not be readily provided the media, in spite of efforts late yesterday evening.

However, the press release indicated that the bill grants the Broadway and Toronto Oil companies the right to explore oil off the coast of Liberia, but did not also state when the contractors are to commence exploratory work.

Presidential Press Secretary Badio says, President Johnson-Sirleaf has acknowledged receipt of the bills for careful study and subsequent approval for passage into law.

The latest development has been warmly greeted by economic development specialists and citizens, most of who are of the firm conviction that should the contractual partners succeed in their discovery, it would serve as major source of employment opportunity for thousands of Liberians and as well curtail huge spending on refined-oil importation into the country.

Others also expressed the view that with the discovery of oil off the shores of the country, it stands to once more return to the refinery days during the period of the late 60s through the late ’70s, when the Liberia Petroleum Refining Company (LPRC) undertook to only import raw crude oil for refinement at its Gardersville site, now ruined with scraps.

Under the able-direction of Americans experts and other expatriates, specifically during the early and mid-1970s when the leadership of President W. R. Tolbert, Jr. took full cognizance of the need for Liberians to fully utilize the nation’s resources to their greatest advantage, witnessing tremendous socio-economic development nationwide, the prices of petroleum products were greatly reduced.

As a result, transportation fare throughout the country was also drastically reduced, with commercial vehicles plying for 24 hours under very bright street lights, while those of residential homes paid minimal bills to the Liberia Electricity Corporation (LEC) to effectively maintain the running of the turbines.

LEC was one-time known during the 1960s as Public Utilities Authority (PUA), with Taylor E. Major as its Managing Director.

Currently, the management of the LPRC, headed by Mr. Harry A. Greaves, Jr., has had to withstand unnecessary controversies over the spiraling trend of the constant supply of petroleum products on the Liberian market at reduced cost, although government is required to spend huge amount to import finished products that are stored in its Petroleum Storage Terminals (PST) on Bushrod Island.

Besides other negotiations in availing the products on the local market, the current management has reportedly succeeded in entering into a contractual agreement with a Nigerian-based oil company to supply the products, something that has kept the economy afloat to date.

A professional accountant who gained the respect of renowned institutions in the United States, aside from other vocations practiced in Liberia, Mr. Greaves has since proven himself competent in administering the affairs of LPRC, as evidenced by the huge profits realized in just a year after taking over the management.

As a result of the corporation’s continuous purchasing of finished product abroad, it has had to put into operation a redundancy program that affected hundreds of employees, since the whole activity appeared like buying, storing and selling and no longer refining.

Most of the profits realized during the period have since directed at productive programs on behalf of government for capacity-building, as well as to charitable organizations.

Commented a renowned economist: “It would go a long way in helping reconstruct the nation, should the oil explorers succeed in their venture, since it is now clear that the government is truly out to seeking the people’s and national interest, with the waging of serious war on corruption and other acts designed to sabotage the Liberian economy that’s a becoming typical drive to ensuring good governance.”

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