The NEWS (Monrovia)

Liberia: Nocal Refutes Overspending

29 July 2013

The National Oil Company of Liberia (NOCAL) has refuted report that it exclusively overspent during the 2012/2013 fiscal period.

In a release, the company said during the period under review there was absolutely no overspending by NOCAL; rather the company operated very efficiently to increase revenue inflow to the country's emerging petroleum sector and its transactions during the period was in compliance to one of its core values of transparency.

The company said it budgeted US$28.9 million as reflected in its published 2012/2013 budget. Fortunately for NOCAL and Liberia the Exxon Mobil transaction (LB Block-13), which generated US$120 million, increased NOCAL's revenue intake, not its budget, to US$145.2 Million.

The company indicated that increment caused by the ExxonMobil transaction is captured in NOCAL's cash flow & income statements but was not exclusively spent on NOCAL's operations.

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