NOCAL employees, partners, suppliers and vendors are held accountable for upholding four core principles
Transparency and Accountability:
Accountability requires the management of the oil and gas sector and revenues it generates to be is subjected to open and public scrutiny NOCAL and the Government as a whole are wholly committed to both the principle and practice of transparency in the sector. We are strengthening existing procedures like LEITI and auditing. In addition, we are introducing new processes and accountability mechanisms, especially in management of revenue.
NOCAL demonstrates a commitment to transparency through:
- Clear and consistent communication with all stakeholders
- Public outreach, striving to educate all Liberians on the opportunities available
- Public disclosure of budgets and operational expenditures
NOCAL new processes and accountability mechanisms:
Today, management of public funds and expectations is more important than ever. Budgets play an important role in controlling operations to run efficiently and effectively. Collaboration among different parts of public bodies is essential. All entities must work together during the budget preparation and approval process.
Although budgeting is a familiar process, it takes more to move into the execution phase and post-execution analysis. Every entity must be involved in coordinated execution of the whole budget after it has been finalized.
A budget for any given fiscal year is prepared by the Finance Division, headed by the Senior Vice President and Vice President for Finance. This budget serves as a decision making tool for the Board of Directors and Management to control spending, make management decisions and provide guidance for effective use of resources. This budget consolidates budgets from each NOCAL division and is based on the relationship of work programs, funding levels and expected results from each program.
To be fully representative, issues Issues related to oil must be addressed with the involvement of all stakeholders, including civil society, The Government and NOCAL are dedicated to being inclusive and representative to the greatest degree possible in the reform process, and the processes and structures it produces, without inhibiting the Government’s ability to govern.
- Informing all relevant agencies of its strategic plans
- Including CSOs in deliberations, with extensive public involvement.
- Legislators and other stakeholders included in all strategic plans
The Government and NOCAL are committed to sustainability. Institutional structures, capacity, and the deployment of revenues, are set up for long term sustainability, to maintain its overall goal to benefit the country.
The right institutional framework should be in place. It should be equipped with the necessary capacity and expertise to manage and govern itself. To avoid economic pitfalls we will adopt It sensible management of revenues. We must develop a balanced and diversified economy to make a long term investment in the Liberian people.
NOCAL shows inclusiveness through:
- Policy goals for a sustainable sector and use of revenues
- On-going capacity-building that increases as time goes on
- Building long term private sector partnerships
Safety, Health and Environment (SHE):
Avoidable accidents or environmental disasters undermine Liberia’s oil sector and will fail in its goal to benefit the population. NOCAL is committed to the highest standards of safety, health and environmental care. That means includes careful assessment of risks on all sides, stringent regulations, strict monitoring and measures to mitigate risks.This will require greater government capacity and processes. We will also need the cooperation of partners in the private sector and civil society.
NOCAL demonstrates a commitment to SHE through:
- Policies which include strong environmental provisions
- Increased regulatory monitoring capacity
- Laws and new PSCs to strengthen SHE provisions