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12-Aug-2014

NOCAL NOT SELLING OIL BLOCKS

(MONROVIA – August 11, 2014): The National Oil Company of Liberia (NOCAL) says oil blocks now out for international competitive bidding are not being sold neither auctioned contrary to media reports. “To suggest that the blocks are being sold, presupposes that Liberia loses ownership. That is not the case,” NOCAL said in a statement, adding “the Liberian State owns the oil under the seabed.” NOCAL is instead holding a bid round for old acreage which includes LB-6, LB-7, LB-16, and LB-17, which were made available under earlier bid rounds held years ago under the 2002 Petroleum Act.

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