The New Dawn Liberia | Truly Independent

Officials at the National Oil Company of Liberia or NOCAL have announced the launching of its much anticipated draft petroleum policy tomorrow at the Monrovia City Hall.

The ceremony, which kicks off around 9:30 am is expected to attract several stakeholders including senior government officials, as well as both local and foreign investors.

The draft policy has been developed, according to officials, to address some of the concerns raised during the ongoing debate which loudly call for a reform in the oil sector, a call NOCAL has accepted.

Among the thematic issues contained in the draft petroleum policy are resource ownership and maritime boundary, legal framework and institutional oversight (that is appropriate laws and regulations), state participation and fiscal regime, transparency and accountability.

Other key issues in the draft policy are revenue management and state-NOC financial and tax arrangement, licensing and contracting and local content.