dr.x.png

Dr. X Says: The downfall of a man is not the end of his life.

Popular Stories

Smaller Default Larger

National Interest

Health

Sports

×

Error

"Failed to connect to 2001:4998:c:e33::6000: Network is unreachable" in module "mod_sp_weather"

Cannot retrive forecast data in module "mod_sp_weather".

NOCAL Boss-2...NOCAL Discloses

The President of the National Oil Company of Liberia (NOCAL) Dr. Randolph A. McClain has disclosed that Oil Block 16 generated US$22 million in revenue for the Government of Liberia.

 

Dr. McClain told a news conference Thursday that oil block 16 has been awarded to a joint bid of three companies including Liberty Petroleum Corporation, Pillar Oil Limited and New Millennium Corporation, an entity owned by some private Liberian citizens.

Liberty Petroleum Corporation, according to Dr. McClain is an international oil company from the United States of America while Pillar Oil Limited is an oil exploration and production company from Nigeria.

He said the contract provided essential revenue of US$22 million to the Government of Liberia in this time of economic crisis caused by the Ebola outbreak.

Dr. McClain disclosed that Liberty Petroleum Corporation and partners provided a signature bonus of US$10.5 million and additional funds payable for the acquisition of seismic data for LB-16.

He indicated that LB-16 also contained local content because a Liberian company, New Millennium Corporation is part of the contract with a share of 5 percent.

Dr. McClain said “It is good for Liberia to have a company participating in our upstream sector”.

Cllr. Althea Sherman, Chief Operating Officer of NOCAL clarified that the oil blocks were leased and not sold as be alleged in some quarters.

She noted that all the country's oil blocks are on lease because according to her, they belong to the people of Liberia.

Cllr. Sherman assured that the oil blocks would be turned over to Liberia following the expiration of the lease agreement.

She also admitted that the bid was done in London because they had to go where the oil companies are based.

Cllr. Sherman noted that they were forced to conclude the process in London because the investors were unable to travel to Liberia due to health reasons.

Obiturary

Memorial Service For Fallen Journalist…

The family of fallen Liberian journalist Wlemongar Ciapha, formerly of The NEWS, is expected to hold…

Uganda, Egypt…

President Ellen Johnson Sirleaf has sent a message of condolence to the Government and people of Uga…

Williams Laid To Rest

Williams Laid To Rest…

The former President of the Sports Writers Association of Liberia (SWAL) Numennie Williams was over…

World

3 Jailed…

A lawyer in Burkina Faso says three former presidential guard members have been indicted and jailed…

Tanzania President

Tanzania President…

Tanzania's new President John Magufuli has joined hundreds of residents in the main city Dar es Sala…

Bataclan Third Attacker Identified

Bataclan Third Attacker Identified…

Foued Mohamed-Aggad is believed to have travelled to Syria in late 2013 French police have identif…

Business

African Petroleum Leaves Liberia…

One of the leading oil and gas companies in West Africa, African Petroleum has announced that it…

Ellen Acknowledges Liberian Entrepreneurs’ Perseverance

Ellen Acknowledges Liberian Entrepreneurs’ Perseverance…

President Sirleaf with some Liberian entrepreneurs President Ellen Johnson Sirleaf officially clos…

Oil Palm Symposium Ends

Oil Palm Symposium Ends…

Mr. Macarthur Payebaye Country Director - Solidaridad A one- day National Oil Palm Symposium has e…