Far-reaching reforms of Liberia’s oil sector are urgently needed if its population is to benefit from future oil discoveries, says a report released today by Global Witness and the Liberian Oil and Gas Initiative...The report sets out what needs to be done to reform the sector, so that it can be used to generate funds for much-needed development...[The] report outlines a series of reforms that must be adopted to achieve this goal: The power to regulate oil companies should be taken away from NOCAL and given to a separate agency. Separately managed oil revenue savings accounts should be established to prevent Liberia’s economy from becoming over reliant on oil money. New oil laws should be developed that contain human rights, labour and environmental safeguards. The government should investigate evidence of corruption in the sector and enforce its anti-bribery and transparency laws - this includes publishing all its oil contracts.[refers to Chevron, National Oil Company (NOCAL), Oranto Petroleum]