THE OIL DEBATE 'Local Content' PUT IN CONTEXT
As the Liberia Basin Bid Round 2014 enters the final stages, NOCAL deems it fruitful and necessary to provide further explanation and context regarding the ‘Liberian Participation Component’.
NOCAL would like to point out that the Bid Round’s timetable was designed to facilitate rapid investment into Liberia’s oil sector, and provide much needed resources to the country. Hence a rapid but appropriate timetable that is proceeding as scheduled.
The bidding window for the four blocks on offer (LB-6, LB-7, LB-16, LB17) closed as scheduled, and bids were opened by independent advisors Ernst & Young (EY) in London on 17 November, in the presence of NOCAL officials and NOCAL’s data partner TGS Nopec. EY provided a report to NOCAL, which is engaging selected bidders to conclude PSCs. Once concluded details will be announced.