Liberia: US Embassy Welcomes Chevron Oil Exploration Agreement
The United States Embassy in Liberia congratulates the Government of Liberia on signing an agreement with Chevron Corporation on August 27, 2010 for exploration of three oil blocks in Liberian waters.
This is only the first step in a process, however, as the Liberian Legislature must, as required by Liberian law, examine and then ratify the agreement for it to come into effect. If approved, this three-year exploration project is expected to begin in the fourth quarter of 2010 and has a potential worth of US$10 billion. This agreement would create jobs for Liberians, increase the national income and help develop other sectors of the economy.