Monrovia — The Director General of the Liberia Petroleum Regulatory Authority (LPRA), Marilyn T. Logan, has made a commitment that she and her team will ensure that operations at the entity are premised on accountability and good governance in order to properly elevate Liberia’s oil and gas sector to a productive level that is beneficial to every Liberian.
Madam Logan also pledged to run the LPRA more transparently so that it prohibits corrupt practices — and to do so requires collaborative efforts and robust consultative mechanisms that every stakeholder part of the governance process of the sector.
“The journey towards a fully transparent and accountable petroleum sector is ongoing, and it requires the concerted efforts of all stakeholders,” she said in opening remarks at a day-long workshop her entity organized in collaboration with the Liberia Extractive Industries Transparency Initiative (LEITI) on Beneficial Ownership (BO) in Monrovia on Tuesday, August 13.
The workshop delved into the intricacies of beneficial ownership, exploring its impact on corporate transparency, the fight against corruption, and the overall governance of the petroleum sector.
It is no secret that the discovery and management of natural resources, particularly petroleum, present both significant opportunities and challenges.
In Liberia, the LPRA boss noted, the journey in the petroleum sector has been guided by a commitment to ensuring that these resources are developed in a manner that benefits all Liberians.
However, for this to be possible, she noted, transparency must be at the “core of our operations.”
“Beneficial ownership transparency is a key pillar in Liberia’s oil and gas sector’s regulatory framework. By ensuring that the true owners of companies operating in the sector are known, the misuse of the nation’s resources can be prevented—a move that promotes accountability.
“This is not merely a compliance requirement, it is a fundamental aspect of how we ensure that about butt the wealth generated from our petroleum resources is not siphoned away through illicit activities, discussions about but invested in the future of our nation,” Logan stated.
She described the discussions around BO as crucial to the integrity, transparency, and overall success of the country’s oil and gas sector.
“As the regulator of Liberia’s upstream and midstream petroleum sectors has the mandate to promote transparency, compliance, and accountability,” she said.
“This workshop is an extension of our efforts to create a regulatory environment where all stakeholders—from government agencies to civil to share society and the media — are equipped with the knowledge and tools to engage in and monitor the sector effectively.”
She beseeched participants at the gathering, “I encourage each of you to participate actively share your insights, and work collaboratively towards strengthening the framework that governs to share our sector.
“The journey towards a fully transparent and accountable petroleum sector is ongoing, and it requires the concerted efforts of all stakeholders. Let us remain focused on our shared goal to ensure that the benefits of Liberia’s petroleum resources are felt by every citizen and that our operations stand as a model of integrity and good governance.”
She acknowledged what she termed as the exceptional work done by LEITI on the BO. “The specific regulation we are discussing today, tailored to the oil and gas sector, does not diminish the foundational work that LEITI has already accomplished,” she noted.
“Instead, it builds on that solid foundation, reinforcing how critical beneficial ownership is for the good governance of our natural resources.”
She added that the workshop was more than just an educational exercise, as it is a critical part of the LPRA’s legal obligations under section 75 of the 2014 Petroleum (Exploration and Production) Law.”
“This gathering is in direct fulfillment of that requirement ensuring that all voices are heard and that the regulations we develop are informed by the perspectives and concerns of those who will be most affected by them,” Logan said.
She lauded Jeffrey Yates, the head of LEITI, and his team for embracing the initiative and for quickly bringing together the key stakeholders for the training.
“Your leadership has been instrumental, and we at the LPRA look forward to continuing our work with you to drive transparency, equitable, and truly beneficial to the people of Liberia,” she said.
In remarks, Yates outlined the benefits that a country stands to accrue when an effective BO regime is instituted.
“The government benefits with the generation of more revenues from taxes, the media benefits with their investigations as a result of the availability of accurate and relevant data, and the companies or investors do not only benefit profits, they brag about being open and transparent companies.”
Meanwhile, the workshop brought together key stakeholders from government ministries, agencies, commissions and state-owned enterprises (MACS), CSOs, and the media.
