New Petroleum Law of Liberia.

An Act Adopting The New Petroleum Law of the Republic of Liberia.

This Law concerns hydrocarbon exploitation and production in Liberia including submarine areas. it also provides with respect to certain land rights, protection of the environment, interference with fishery, dispute resolution and other matters related to such exploitation and production.

All petroleum contracts shall be negotiated by the National Oil Company of Liberia in collaboration with the Hydrocarbon Technical Committee established under this Law. The Law prescribes the content of a petroleum contract. The President/CEO of the National Oil Company of Liberia shall be responsible for the administration, implementation and enforcement of this Law. The National Oil Company of Liberia shall superintend and enforce the application of this law and shall promulgate the appropriate administrative Regulations affecting hydrocarbon operations in Liberia. Petroleum contracts shall contain an environmental impact study. All holders of petroleum contracts or reconnaissance licenses shall abide by the environmental protection rules and standards of Liberia. Such holders make their sites, installations available to the agent(s) of the National Environmental Protection Agency. 

Specific measures of enforcement apply in case of threat to the environment. All holders of contracts shall conform to internationally accepted standards of the industry with respect to environmental protection and shall promote the development and use of environmentally friendly energy