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

The company (NOCAL), in a statement, said it did not overspend during the period under review.

NOCAL noted that it operated very efficiently to increase revenue inflow to the country's emerging petroleum sector, stressing that its transactions during the period was in compliance with one of its core values of transparency.

According to the company, 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 USD 120Million, increased NOCAL's revenue intake, NOT ITS BUDGET, to US$145.2 Million. The increment caused by the ExxonMobil transaction is captured in NOCAL's cash flow & income statements but was not exclusively spent on NOCAL's operations," said NOCAL of its inflow.

Commenting on its outflow, the company pointed out that it experienced major cash out flow of USD 147.9 Million during the 2012/ 2013 fiscal year.

Those outflows, which it said do not represent operational expense on it, were in strict adherence to Liberia's New Petroleum Law of 2002 and other statutory regulations.

NOCAL named the outflows as the transfer of US$ 45M to the Government of Liberia (GoL), US$ 70M as transactional expenditure that consummated the successful transfer of block-13's operatorship rights to ExxonMobil and US$ 24M spent for the management of the country's petroleum sector.

"Additionally, NOCAL, in compliance with section 3.6 of the New Petroleum Law of 2002, transferred its 2011/2012 profit of USD 8.9 Million to the government of Liberia during the same fiscal period, 2012/2013; thus totaling NOCAL's cash outflow to USD 147.9 Million," the company added in the statement.