first_imgThe 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 looses 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.Production Sharing Contracts (PCSs) for LB-6 and LB-7 were awarded and negotiated but never fully executed. “In other words, no legally binding PSCs as in accordance with the Laws of Liberia for these two blocks were given,” the company noted in the statement.Regarding LB-16 and LB 17, NOCAL recalled, PCSs were held by International Oil Companies (IOCs), which decided to relinquish the blocks. The statement pointed out that it is standard petroleum industry practice for relinquished blocks to be made available for oil companies.NOCAL said further that it is not opening a bid round for new acreage for a bid round (LB-1 through LB-5, LB-18 through LB-30. These blocks, the company said will remain untouched until the new Petroleum Law is passed and a determination made regarding how to proceed in line with the new law. The National Legislature put a hold on all NEW BLOCKS from being offered for licensing until the new petroleum law is passed.  ‘New’ blocks refer to blocks that have never had a Production Sharing Contract attached to it, whether awarded or signed into law. “It is a good for the country that these blocks are being put out for lease,” NOCAL President and CEO, Dr. Randolph McClain said in a statement, adding, “doing so will generate more interest and help generate the revenue government so urgently needs for economic, human, social and other development programs.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

first_imgA 30-year-old motor cyclist is counting himself lucky after only receiving a broken leg following a collision with a motor car on Sunday afternoon.The injured man, identified as Hardai Kaaleshwar of Cummings Lodge, East Coast Demerara, was said to be riding the motorcycle along the Ogle Public Road, East Coast Demerara, when he reportedly slammed into the left front side bumper of a car that was navigating a turn.Reports are that the incident occurred around 17:00h as the car was proceeding east along the southern side of the northern carriage way of the Ogle Public Road. It was alleged that the driver was about to make a turn into the Ogle access road when the motorcyclist collided with him.As a result of the collision, the motorcyclist fell onto the roadway and received injuries about his body. In a conscious state, he was picked up and taken to the Georgetown Public Hospital where he was admitted a patient.The driver of the car involved in the accident is assisting Police with their investigations.last_img read more