Liberia’s burgeoning industry experienced collapse just in the last two years mainly due to the collapse in oil prices and partly due to failures of NOCAL management. Liberia has since done much to reform its oil and gas industry, bracing for a brighter future. In October, the Petroleum (Exploration and Production) Law of 2014 was passed into law, replacing the National Oil Law of 2000. But experts say structural reform is not the only challenge the Liberian oil and gas industry faces. Oil prices have risen to US$55.87 per barrel, the highest since 2014 when prices began dropping.

Source: Front Page Africa January 11, 2017 01:43 UTC