National Petroleum Policy 2012.

This Petroleum Policy serves as a comprehensive national framework designed to inform the necessary legislative reforms governing Liberia’s petroleum sector, emphasizing environmentally responsible management to ensure equitable benefits for all Liberians from future petroleum resources. Grounded in Liberia's Constitution, which asserts national ownership of oil, gas, and mineral resources managed by the State, the policy addresses potential cross-border conflicts, covering key areas including (i) the imperative of transparency, accountability, and good governance to mitigate industry risks and align with national development goals, requiring a robust legal framework consistent with constitutional principles; (ii) outlining criteria for securing exclusive exploration and exploitation rights through petroleum contracts and licenses, facilitated by the National Oil Company of Liberia (NOCAL) on behalf of the government; (iii) prioritizing the benefits of petroleum operations, ensuring adherence to international standards, ongoing consultation between government and contractors, regulatory compliance, and local presence by license holders; (iv) committing to transparent and responsible management of potential petroleum revenues to support sustainable national development, mitigate economic risks, and engage citizens in revenue utilization decisions; (v) underscoring the paramount importance of safety, health, environmental protection, and social well-being in petroleum activities, necessitating stringent regulation and monitoring to mitigate adverse impacts on public health, the environment, land use practices, and long-term sustainability.