New Democrat (Monrovia)

Liberia: NOCAL Releases U.S.$29 Million Budget

21 February 2013

In line with its regularly stated policy of transparency, the National Oil Company of Liberia (NOCAL) has released its Annual Budget of about US$29 million (as shown below) for the Financial Year 2012/13.

Budget inflows include income from Annual Training, Social Welfare contributions, Hydrocarbon Development Fund, Assets Transfer, Bid Round Application fees, and T.G.S. NOPEC Agreements, NOCAL said in a press lease.

As shown in the outflows/expenditure category, a very high percentage of the proposed Annual Budget is allotted for Capacity Building (including scholarships), capital expenditure and development to improve NOCAL's capability.

"Liberia does not receive any oil revenues - all income at this stage is generated by fees for the use of seismic data by other parties, and contributions made by private sector partners for corporate social responsibility, training, etc., as reflected in the Annual Budget," the Senior Vice President and Vice President for Finance, Mrs. Marie E. Leigh Parker said.

NOCAL, she said, will continue to maintain its commitment in meeting its obligations, regarding the Liberia Extractive Industries Transparency Initiative (LEITI).

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  • talkerright
    Feb 23 2013, 13:43
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    Is this what you call transparency? No. I think not. I will consider it transparency if the oils discovered are reported to the public in estimated number of barrels, like 1 million barrels, 200,000 barrels, etc., so that Liberians can know just how much oil you are talking about. I love Africa Petroleum because they seem to be more transparent about their discoveries than the self-proclaimed "transparent NOCAL". Concerning oil discoveries we do not want greedy statements like: "...unfortunately, the latest oil deposit does not contained enough oil", or "...Chevron has discovered non-commercial-quantity oil deposits off the shores of Liberia", etc. Report those quantities in numbers you crooks. Tell the people what they actually have, not what you want them to think they have. Don't keep Liberians in the dark when it comes to our natural resources! Don't just claim transparency, but show transparency.