9 August 2018

Liberia: Nocal Taking Steps to Revive Oil & Gas Sector

The National Oil Company of Liberia (NOCAL) said Thursday in a statement that in keeping with its statutory obligations, it is taking proactive steps to revive Liberia's potential oil & gas sector. It did not outline those steps but assure all its actions will be taken in accordance with the New Petroleum Law of Liberia and other internationally acceptable standards.

The statement also said the company's attension is drawn to erroneous media reports charging the Board of the Corporation of excessive Board fees, unnecessary foreign travels, running the day-to-day activities of NOCAL, and proceeding outside of its mandate with respect to organizing a bid round for potential oil blocks offshore Liberia.

"NOCAL specifically refutes and describes as unfounded, the allegations of the Board being involved into the day-to-day activities of the corporation; that Board Members receive sitting fees for each meeting, excessive allowances, and make unnecessary travels," it said.

"The day-to day activities of NOCAL are executed by the Interim Management Team with all financial instruments being subject to the approval of the Minister of Finance and Development Planning, who is also a statutory member of the Board of NOCAL. The Board has not taken sitting fees, and its allowances have not been determined. Bid rounds for potential oil blocks offshore Liberia will be planned and executed in accordance with Liberia's New Petroleum Law."

The statement: The focus of the Board, whose responsibility it is to set general polices, provide oversight and direction of the corporation, is to support and work with the incoming management team to rebrand NOCAL through strategic reforms that will revitalize its activities and make it attractive and competitive in executing its mandate.

NOCAL assures the public and its partners of unrelenting commitment to transparency, accountability and other principles of good corporate governance. And as required by the New NOCAL Act, the corporation will report to the public.

NOCAL encourages media entities with interest in reporting about the institution and the country's oil sector to do so with professionalism and deep sense of responsibility.

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