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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.