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Liberia does not have a well-developed upstream oil industry. No viable oil and gas discoveries have been made and there is therefore no production or field development.

Hydrocarbon exploration started in the late 1960s with Frontier, Chevron and Union Carbide being active. Before exploration was interrupted in 1972, four wells were drilled and abandoned as dry. No oil and gas discoveries have been made and there is therefore no production or field development in Liberia.

A promotion of the offshore acreage attracted Amoco to the country. Amoco conducted seismic surveys and drilled three more wells, all of which were reported as dry Fusion Oil and Gas, an Australian independent, has completed an initial review of Block A, an offshore oil block in Liberia. Fusion, and its partner, Daytona Energy Corporation.
The company withdrew from the country in 1989, having stopped exploration activity in 1986.

These offshore wells did indicate that there were viable reservoir facies, seals, and oil and gas prone source rocks. The Liberian offshore can be considered underexplored with limited data from seismic, gravity and magnetic surveys and seven wells over an area of more than 50,000 square kilometres.

In 1998, Social Petroleum Oceanique and Golden Gate Resources Ltd signed a Technical Cooperation Agreement (TCA) for offshore Block C. The initial technical study has been completed and a PSC is now being negotiated.
Xpronet also held a TCA for offshore Blocks E, F, G and H but this has now lapsed and these blocks are believed to be on offer.

In mid 1999, Australian companies, Daytona Energy Corporation and Fusion Oil and Gas signed a joint venture agreement for the exploration of offshore Block A. Fusion, having taken over as operator from Daytona, has completed an initial review of Block A and is seeking to convert the Technical Cooperation Agreement (TCA) into a Production Sharing Contract (PSC). It is also seeking to extend its lease area.

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