MONROVIA, December 18 (LINA)-The President and Chief Executive Officer (CEO) of the National Oil Company of Liberia (NOCAL) has disclosed that the bid round which seeks to lease four of Liberia’s available oil blocks was intended to generate revenue, ensure transparency and the development of local content in the oil sector in Liberia.
Dr. Randolph A. McClain said Liberia was in dire need of financial support during this Ebola crisis, noting that this prompted the national legislature and executive branch of government to allow NOCAL proceed with the biding process.
He made the clarification at the Ministry of Information regular Thursday news conference held at the ministry in Monrovia.
McClain also disclosed that of the four oil blocks the Executive has submitted to the Legislature for ratification a Production Sharing Contract for one block LB-16 which is being awarded to three companies.
He named the companies as Liberty Petroleum based in the USA which holds 90 percent share, while Pillar Oil Limited, an oil exploration and production company from Nigeria, owns five percent share and New Millennium Corporation, an entity owned by some private Liberians, has the remaining five percent share.
Meanwhile, McClain has assured that evaluation process will determine the most suitable company to which the remaining oil blocks will be
awarded.
LINA