Petroleum (Exploration and Production) Act, 2014.

This Act consisting of 79 articles organized into XIX Parts aims to organize the petroleum sector in Liberia by establishing a fiscal and legal regulatory framework for the management and regulation of petroleum activities. Part II of the Act on Ownership of Petroleum and Petroleum Rights establishes that all petroleum resources in Liberia are state-owned regardless of land ownership, and petroleum rights can only be obtained through licenses or agreements under the Act, with activities confined to designated areas, and the land and territorial waters are divided into blocks with specified size limits for petroleum activities. Part III establishes the Liberia Petroleum Regulatory Authority (LPRA) in Article 7 to administer the Act, with the Board of Directors providing general policy oversight and direction, including (i) developing long-term capacity programs for the Authority, (ii) approving the annual budget and staffing, and (iii) setting policies and goals for obtaining external funding and integrating it into the budget. The Board regularly consults with the Minister of Lands, Mines and Energy, the Minister of Finance and Development Planning, and the Executive Director of the Environmental Protection Agency. The Authority's functions include conducting technical evaluations for petroleum operations, managing pre-qualification and bidding processes, entering into and administering petroleum agreements, ensuring compliance with laws and agreements, reviewing and approving work programs and budgets, representing the State in operations committees, monitoring and inspecting petroleum operations, ensuring State revenue is properly managed, supervising the storage of petroleum data, and investigating the potential structure of a petroleum revenue management law for Liberia. As for the functions of the National Oil Company of Liberia (NOCAL) and its Relationship with the Liberia Petroleum Regulatory Authority, NOCAL (i) manages petroleum rights acquired through agreements, participates in bidding rounds upon demonstrating capacity, and conducts petroleum operations as authorized by the Authority; (ii) manages participation interests in petroleum agreements, contracts for state-owned petroleum facilities, owns or manages necessary assets, and markets the state's petroleum entitlements. On the other side, the Authority informs NOCAL of tenders, and NOCAL's participation in agreements exempts it from certain provisions of the Act but not others. Additionally, NOCAL can engage in petroleum activities in other jurisdictions when it has sufficient resources. Part VII, concerning State participation in petroleum agreements, allows the State, through NOCAL, to acquire at least 10% participation in petroleum agreements managed under a joint operating agreement until commercial production begins, while Part VIII, concerning citizen participation in revenues from petroleum agreements, allows the State to acquire a 5% participation for a citizen fund managed by NOCAL and administered by an international trust company to benefit needy and vulnerable citizens. The Act, in Part XIII, outlines the process by which contractors can acquire and use public or private land for petroleum operations, requiring State assistance and fair compensation to private landowners when necessary, and allowing temporary access for exploration with proper permissions and compensation. Environment, Health, and Safety provisions are dealt with in Part XIV which establishes that contractors have to (i) conduct petroleum operations prudently to prevent harm; (ii) comply with health, safety, and environmental laws; (iii) prepare and implement health and safety plans; (iv) conduct Environmental Impact Assessments and Management Plans approved by the EPA; (v) maintain emergency preparedness and safety zones; (vi) suspend operations if necessary; (vii) are liable for pollution damages, with additional liabilities if operations occur without proper agreements or licenses.