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...Liberia's Draft Oil Law
The National Legislature, National Oil Company of Liberia (NOCAL) and national stakeholders in the country's Oil and Gas sectors have completed the validation of a Draft Petroleum Exploration & Production Act of 2013 and NOCAL Act of 2013.
The document, which is subject to legislative scrutiny was validated Saturday in Monrovia, following a two-day dialogue attended by more than150 stakeholders including civil society, students and faith-based organizations set up by the National Legislature.
The dialogue was part of an effort by the National Legislature to adopt a Petroleum Law that will govern the Oil and Gas sector of Liberia.
The process is in furtherance of the reform exercise initiated by the Government of Liberia in 2012 to ensure appropriate legislation and policies that will enhance the country's chances of achieving optimal benefits from its gas sector.
In November 2013, members of the House of Representatives toured the leeward counties to publicly engage citizens and solicit their inputs in the draft law, thus making the dialogue final phase of the Legislature to reform the Petroleum laws of Liberia.
Speaking at the dialogue, House Speaker J. Alex Tyler said the Petroleum Exploration & Production bill was critical for the country because it deals with issues of natural gas and revenue management, among others.
Speaker Tyler also said the natural gas component of the bill seeks to set up of an infrastructure which could exploit the resources for cooking fuel, electricity, and other uses.
For the new National Oil Company of Liberia bill, Speaker Tyler said it seeks to separate the functions of the company from being regulator of the oil sector, manager and participating as a player at the same time.
In remarks, NOCAL Vice President for Public Affairs, Limine A. Warity said his institution wants to ensure that the oil and gas become blessing and not a curse.
He said it is time that the best practices learned from other countries in the oil sector be combined to ensure that the citizens benefit from their resources if commercial oil quantity is discovered.