National Oil Company of Liberia (NOCAL) has said it will reduce its work force by over two-thirds and it will replace its board of directors as it struggles with a fall in the price of oil, according to the country’s president, Energy Voice reports

Although the West African country does not produce any oil or natural gas but relies on potential reserves offshore in deep and ultra-deep waters, following the lead of Gulf of Guinea neighbors Ghana and Nigeria, Africa’s biggest producers.

Nevertheless the country has been hit hard by a fast decline in world oil prices that has led numerous companies to reevaluate their exploration policies.

According to President Ellen Johnson Sirleaf: “There is no doubt that the current oil price collapse and other external factors, including our recent Ebola challenge contributed to the current financial crisis,” she added that the company had continued to hire staff despite a decline in revenues that began in late 2013.

Liberia has been the country hardest hit by a deadly Ebola outbreak that began last year and has killed over 11,000 people across the region.

Tullow Oil, Chevron Anadarko Petroleum and African Petroleum had been among companies carrying out exploration in Liberian waters as well as Exxon Mobil who signed into a block in 2013 but put the project on hold due to the Ebola crisis.

Under a reformation plan outlined by the president, the board of directors will be reconstituted and senior executives will be retired or replaced.

The oil company’s staff will also be reduced to no more than 50 positions from its existing level of around 160 employees.

Oil companies have drilled nine exploration wells at a cost of around $1 billion, a Senate committee said, but with little to show for their investments most have chosen to transfer their operations to countries with established reserves.