Petroleum Africa
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Thursday, August 27, 2015
Liberia’s state-run oil and gas firm NOCAL is having to eliminate some of its staff in an effort to cut costs. The company said in a statement that it would cut its work force by over two-thirds in an effort to lessen the financial pressure the drop in oil prices has caused.
The statement released by the company said the chairman of NOCAL’s board of directors, Seward Cooper, had met with staff to explain the situation. “Despite the best efforts of Board and Management to put in place several austerity measures … the continuing crumbling oil prices have severely undermined NOCALs capacity to meet its operational and personnel obligations,” a statement read.
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