National Legislature Ratifies Oil Block LB16 Contract
By Vasco Wiagbe/Winnie Dixon
MONROVIA, December 18 (LINA)-The National Legislature has passed a Production Sharing Contract between the Government of Liberia and contractors for oil Block LB16.
The bill, unanimously passed by the House of Representatives and later concurred by the Liberian Senate in Executive Session Thursday, seeks to increase national economic growth by generating needed revenue for Liberians and the National Oil Company of Liberia (NOCAL).
Speaking to reporters after the passage of the bill, the Secretary of Senate, Nanborlor Singhbe, described the bill as one that is in the interest of Liberians as it showcases a Liberian owned company, the Millennium Corporation.
According to him, the contract is being signed between the government of Liberian and a 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.
He indicated that a total of US$10,500.00 as well as US$11,500.00 will be generated by the government as signature bonuses and for the acquisition of seismic data for LB16.
In another development, the National Legislature has approved a bill entitled; “The Exploration and Petroleum Law and the NOCAL Act of
The Act will transforms NOCAL into a commercial entity instead of being a regulator for the sale of oil and gas in the country, as well as increase the prospects for commercial oil discovery and development.
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.