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The Liberian Anti-Corruption Commission (LACC) in late May said that several government officials had refused to co-operate with its recent phase of the Assets Declaration Verification Exercise. LACC chairwoman Frances Johnson-Allison told a 21 May news conference on the release of its report into the first phase of the exercise that 18 government officials had failed to co-operate, despite receiving “multiple notices” from the commission.

Biomass producer Buchanan Renewables (BR) has been sold to an investor group, after a project to recycle old rubber trees and rejuvenate Liberia’s once world-leading rubber industry proved more challenging than expected. Stockholm-based Vattenfall and Swedish government-owned private equity company Swedfund backed the project to convert old rubber trees from the former Firestone plantation to woodchip. The woodchips were intended to fuel a 36MW biomass power plant in Monrovia, as well as being sold for export. But the scheme ran into difficulties and the Swedish backers pulled out last year.

Liberia’s Senate and House of Representatives have voted to ratify an amended production-sharing contract for Block LB-13, enabling Canadian Overseas Petroleum Ltd (COPL) to bring in ExxonMobil as a partner (AE 250/1). The deal, which enables the US supermajor to take an 80% operating stake, had created controversy because of suspicions that Liberia might not be getting the best deal.

Canadian Overseas Petroleum Ltd (COPL) has agreed a new PSC for Block LB-13, bringing in ExxonMobil as a partner. The deal, whose terms had created controversy within Liberia, will now be sent to parliament for ratification. COPL Bermuda has a 20% working interest, while ExxonMobil has 80% and will pay COPL’s share of the first $120m of drilling costs. The new PSC includes a $50m signature bonus.

African Petroleum Corporation has announced an oil discovery with the Bee Eater-1 well, a large step-out drilled 9.5km west of the company’s Narina-1 discovery to test the Turonian fan. The well encountered 48 metres of Narina-equivalent Turonian oil-bearing sandstones out of a 135-metre oil interval.

The government has signed a E50m ($67m) loan agreement with the European Investment Bank for the rehabilitation of the Mount Coffee hydro project. The 64MW facility on the St Paul River was built in 1966 and extensively damaged during Liberia’s civil war.

Frank Timis’ West African oil exploration company African Petroleum Corporation started drilling the Bee Eater-1 well in Block LB-09 on 4 January with Ocean Rig’s Eirik Raude semi-submersible rig, and says it is close to finalising negotiations for PetroChina to take up to 20% in the block.

The European Investment Bank (EIB) on 24 September began the appraisal process for a €50m ($65m) loan to a project to restore the inoperative 64MW Mount Coffee hydroelectric power station.

Frank Timis’ West African oil exploration company African Petroleum Corporation announced on 3 September that the period of exclusivity granted to PetroChina under a July memorandum of understanding has expired without a deal being reached.

Eni has signed a sale and purchase agreement with Chevron for a 25% interest in blocks LB-11, LB-12 and LB-14. Chevron plans a deep-water well on the acreage in Q4 this year. The joint venture is now composed of Chevron (45%), Eni (25%) and Nigeria’s Oranto Petroleum (30%).

Frank Timis’ African Petroleum Corporation has signed a memorandum of understanding (MoU) with China National Petroleum Corporation subsidiary PetroChina International Investment Company.

National Oil Company of Liberia (Nocal) has written to Canadian Overseas Petroleum (COP) advising its acceptance of a deal for ExxonMobil to take a 70% operating stake in block LB-13 (AE 221/11).

With IFIs lining up to support the UN’s Sustainable Energy for All initiative, the European Investment Bank is looking to play a significant role in kick-starting investment

Controversial investor Frank Timis has continued to buy up West African minerals assets in the oil sector using the Australian Stock Exchange-listed African Petroleum Corporation to amass acreage, this time taking Block CI‐509 in Côte d’Ivoire

After several dry wells, two new finds have offered confirmation of the potential of the West African Transform Margin beyond Ghana, with African Petroleum announcing Liberia’s first oil find, and success for Anadarko with the Jupiter well offshore Sierra Leone.