Liberia: 'Nocal' - Financial Fallings Prompted Oil Block Bid Rounds

Dec 18, 2014 | Front Page Africa
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Monrovia — Amid falling oil prices on the global market and Liberia's lingering delay in finalizing a number of oil blocks negotiations, the National Oil Company of Liberia (NOCAL) on Wednesday moved to allay fears arising from increasing criticism of reported opening of bid rounds for oil blocks in the midst of a deadly Ebola virus outbreak. In a statement Wednesday, the Public Affairs Department of NOCAL explained that pressing financial constraints is one of the driving forces behind the recent bid rounds which has been subject to much controversy.

NOCAL explained that prior to the onslaught of the Ebola virus disease, the post-war nation's economy was being affected adversely by various factors, including significant drops in prices of our key exports - rubber and iron ore. "The impact was evident at the end of the first quarter of calendar year 2014. Economic growth was being seriously challenged and Government faced prospects of significant financial deficits due to the consequential shortfalls in revenue collection."