The President & Chief Executive Officer (CEO) of the National Oil Company of Liberia (NOCAL), Dr. Randolph McClain, says the new Petroleum Act of 2013 will be a strong instrument in harnessing government's efforts aimed at ensuring that Liberians benefit optimally from their potential oil and gas resource.
The National Oil Policy, among other things, seeks to separate the commercial, policy, and regulatory functions of the National Oil Company of Liberia.
According to Dr. McClain, a major element of good governance is broad based citizens' participation in all matters that affect them, noting, NOCAL remains fully supportive of the inclusiveness of the on-going consultative forums that have characterized the discussions around the Acts under discussion.
The NOCAL boss was speaking Monday, March 10, 2014 at the opening of a round table consultation on the Draft Petroleum (Exploration & Production) Act and the draft NOCAL Act of 2013 under the auspices of the House of Representatives of the 53rdNational Legislature.
"The New Petroleum Act of 2013, which seeks to, among other things, separate the commercial, policy, and regulatory functions of the National Oil Company of Liberia, will be a strong instrument in harnessing government's efforts aimed at ensuring that Liberians benefit optimally from their potential oil and gas resource," Dr. McClain emphasized.
"Indeed, a major element of good governance is broad based citizens' participation in all matters that affect them That is why NOCAL remains fully supportive of the inclusiveness nature of the on-going consultative forums that have characterized the discussions around the Acts under discussion," he stated.
He furthered that NOCAL is committed to the Government of Liberia's overarching objective of establishing the appropriate legal and institutional frameworks to ensure the optimal management of Liberia's potential hydrocarbon resources.
He noted that on-going reform process certainly reflects government's commitment to championing the efficient management of the sector in order to ensure that revenues generated are utilized to enhance the livelihood of the entire citizenry.
"We consider today's forum as yet another important step in our collective efforts to avoid the curse that has afflicted the management of the natural resources of many Africa countries.
It clearly demonstrates that we here in Liberia are learning from the tragic lessons of what happened when a country's natural resources and wealth are not efficiently managed." The NOCAL boss stated. "Indeed, the history of the extractive sector of Africa is replete with accounts of how societies have receded into conflicts because of mismanagement of natural resources.
We know now that for any society to succeed in its natural resources management, it will require the ability and capacity to enact and enforce policies and laws that will advance good governance for the purpose of enhancing sustainable economic growth and stability," the NOCAL boss further stated.
Dr. McClain urged that the ultimate measure of the accomplishments of this process be at the degree to which its results comprehensively benefit the nation and its people.
He added that the policies and laws that are being evolved have the potential to align the country with some of the best examples of oil and gas producing countries around the world.