MONROVIA, December 16 (LINA) – President Ellen Johnson Sirleaf has requested the House of Representatives (HOR) to speedily ratify a Production Sharing Contract (PSCs) between the government and contractors for oil block LB16.
According to the Liberian leader, the PSC will generate the needed revenue for the country and the National Oil Company of Liberia (NOCAL), and set precedents for Liberians to participate actively in the sector.
In a communication to the body dated December 15, President Sirleaf named the contractors as the United States based Oil Company, Liberty
Petroleum Corporation; an oil exploration company from Nigeria, Pillar Oil Limited and a private Liberian-owned entity, Millennium Corporation.
She added that the PSC bid seeks to maximize signature bonuses that would help address the financial constraints Liberia is faced with and increase the prospects for commercial oil discovery and development.
The Liberian Leader further indicated that the bid was the highest with a signature bonus of US$10,500,000.00 and an additional US$11,500.000.00 for the acquisition of seismic data for LB16.
It can be recalled that in June 2014, NOCAL commenced bidding processes, which included the hiring of an international auditing and consulting firm, Ernst and Young to provide independent oversight to ensure the process conformed to international standards.
Following the reading of the communication, the HOR forwarded it to its committees on Concessions and Investments; Lands, Mines and Energy; Contracts and Monopoly; and Judiciary for a quick review and report on Thursday, December 18.
LINA