Rodney Sieh, editor of Liberia’s Front Page Africa, has exposed the National Oil Company’s failure to complete the sale of four oil licenses, worth millions of dollars to the country.
Published on 26th June 2015, this investigation elicited an exclusive interview with Liberian President Ellen Johnson-Sirleaf, who promised a managerial “shake-up” at the National Oil Company, which was on the brink of bankruptcy.
NOCAL mishandlers will bear penalty – Ellen unhappy with snag
Monrovia – Liberia has failed to raise money from an attempted sale of four oil licenses by NOCAL late last year, with President Ellen Johnson-Sirleaf promising a shake-up of management at the nearly bankrupt national oil company. In an exclusive interview with Front PageAfrica, President Sirleaf confirmed that NOCAL executives would “bear the penalty” for “mishandling the sector” following months of failed negotiations with oil companies of questionable reputation.
NOCAL has not yet released a list of companies which submitted bids but multiple sources in NOCAL and the industry speaking on condition of anonymity said that three companies - Kosmos, Liberty and A-Z - had originally been shortlisted in the oil auction held in faraway London in November last year.
The President confirmed that US oil company Liberty Petroleum, and Nigerian oil company A-Z failed to stump up US$25 million in cash they promised for four oil licenses that they agreed to purchase in the oil auction. Click here for full article.