Petroleum Africa
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Wednesday, May 22, 2019
The government of Liberia, through the Liberia Petroleum Regulatory Authority (LPRA), and the National Oil Company of Liberia (NOCAL), are set on rebuilding a viable oil and gas program. The plan to be initiated by LPRA and NOCAL includes improving governance, transparency, accountability and equity participation of all Liberians.
The move is in keeping with Section 78 of the Petroleum (Exploration and Production) Reform Act of 2014.
A statement from the government was released to inform the public and its partners that the Transfer Plan, referred to and required in the Petroleum Law, was now complete. The news signals the full transfer of all regulatory functions from NOCAL to LPRA allowing NOCAL to focus on improving the commercial capabilities and promoting the government’s interest and citizen participation. This also allows for LPRA to immediately commence key activities leading to the bid activities of offshore acreages.
Liberian president, George M. Weah, challenged the CEO of NOCAL and the Director-General of LPRA to engage with international oil companies and other global partners in building an economically successful and sustainable oil and gas sector, one that will maximize government’s take, ensure environmental sustainability, and equitable participation of all Liberians.
The President further stressed that, “while the country is in desperate and dire needs to discover commercially viable quantity of oil, we must not lose sight of the attending consequences that could evolve when the right policies, regulations and laws are not developed or adhered to.”
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