Monrovia Liberia – The National Oil Company of Liberia (NOCAL) says it is willing to welcome investors for the exploration of the Harper Basin in search for hydro-carbon.
According to NOCAL such process will generate revenue for the Country to support other national social services.
He was speaking Wednesday when he proxy for his boss Saifuah Gray at the climax of the Round Table Consultation on Petroleum regulation, strategy and model in Liberia.
NOCAL Vice President, Dr. Lester Teeney said the Oil Company is working closely with the Liberia Petroleum Regulatory Authority to establish the data requirements and technical components.
According to NOCAL if the right amount of work is put into the process, Liberia will find oil and gas in commercial quality, something it said will made the exploration story.
Dr. Lester Teeney quotes NOCAL President Saifuah Gray as saying, the company has signed contract with Core Lab to improve all previously drilled wells.
Proxying for his Boss, Dr. Teeney maintained that both NOCAL and LPRA are finalizing the process of establishing rules and regulations for the process to begin.
He said during previous exploratory efforts in the , a working petroleum system was identified, which gives a good sign that hydrocarbon is present offshore Liberia.
Dr. Teeney said NOCAL has also setup data room to host research result and train its staff to manage the improved data by themselves, as part of efforts to enhance workings at the Company.
He said the contract with Core Lab will fulfil the quest for the knowledge and technology transfer in the area and provide improved data sets for prospective investors when they come to explore in the basins.
Meanwhile, House of Representatives Committee Chair on Lands Mines and Energy Vincent Willie warned against environmental degradation in the process of drilling or searching for oil and gas.
The Grand Bassa County Representative urged NOCAL and LPRA to ensure best international practices in protecting the environment and the people.
Representative Willie challenged the Oil Company and Regulatory Authority to ensure that they encourage more investors to operate the Liberian Basin that has been dormant for the past years.
Speaking at the climax of the Round-Table Consultations on petroleum regulations, Representative Willie called for serious citizen participation in the oil and gas sectors.
Also at the program, the House’s Committee Chair on Hydrocarbon Abu Kamara called for coordination in enhancing the smooth working of the oil and gas sectors.
The Montserrado county Representative vowed the Legislature’s willingness to working with stakeholders in the sector to benefit all Liberians.
Representative Kamara stressed the urgent need for collaboration in the Legislature to support policies and programs that improve the lives of all Liberians.