The National Oil Company of Liberia (NOCAL), has released its Annual for the Financial Year 2012/13 worth US $29.0 million.
The oil company described the budget as "balanced" and noted that it will not be financed by public taxpayers.
"Inflows include income from Annual Training, Social Welfare contributions, Hydrocarbon Development Fund, Assets Transfer, Bid Round Application fees, and T.G.S. NOPEC Agreements, etc.," said a press statement the company issued on February 19, 2013. The Vice President for Public Affairs of NOCAL, Mr. Israel Akinsanya, signed the statement.
The statement said NOCAL has allotted a very high percentage of the proposed annual budget for capacity building, which including scholarships; capital expenditure, and development to improve its 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 statement quoted Senior Vice President and Vice President for Finance, Mrs. Marie E. Leigh Parker, as saying.
The vice president, the statement said, would continue to maintain the NOCAL's commitment in meeting its obligations, regarding the Liberia Extractive Industries Transparency Initiative (LEITI).
According to the appendix to the statement, US $775,000 of the budget will go to the University of Liberia while it will pay to the Government of Liberia US 1.1 million as surface rental fees.
The oil company promised to expend all of the US $29.0 million by the end of the budget year. It pledged to spend US $1.8 million on travels and consultancy and US $7.1 million on capital expenditure and development.