Liberia signs up Chevron as oil exploration partner

The announcement puts the spotlight on President Ellen Johnson Sirleaf's pledge that Liberia will use its natural resources for growth and development and avoid the pitfalls that have plagued many oil- and mineral-rich nations.

The government said a statement on Friday that a three-year exploration agreement with the Chevron Corporation involving three deep-water concessions in Liberian waters "has been approved by the Executive and submitted to the Legislature for consideration and ratification."