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Liberian Senate passes Oil Reform Bill

By Baysah Kollie
The House of Represenatives
The House of Represenatives

(mylbsonline.com/Liberia)-The Liberian Senate has passed the Oil Reform Bill referred to as National Oil Company Act of Liberia.

The Senate took the decision Tuesday, September 10, 2013 during its special sitting.

It followed a report submitted to Plenary by the joint Committee on Oil and Energy, headed by Senators Cletus Wotorson and Joseph Nagbe.

According to a release, the Bill proposes that the function of the National Oil Company of Liberia (NOCAL) be placed into three categories.

The categories include serving as NOCAL’s regulatory arm, monitoring arm,   and revenues collection arm to carry on the company’s commercial role.

Under the Production Contract, the Senate proposed that oil companies operating in Liberia be encouraged to invest in the country.

The release quotes the Senate as having said: “This can be done by searching petroleum products at their own expense and allowing deduction in said initial investment and remaining be shared between the company and government on a 40/60 basis.”

 


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