President George Weah Tuesday appointed a new management team at the National Oil Company of Liberia (NOCAL) more than 100 days after the seating of his administration.
Attorney Saifuah Mai Gray was named President and CEO of the state owned oil company. Others appointed include Eric Daniels, Vice President for Finance, Dr. Lester Tenny, Vice President for Technical Services and Carmena C. Yeke – General Counsel.
Cllr. Charles Gibson is the Chairman of the Board of Directors of NOCAL along with the following board members: Christine Hoff Williams, Christina Harmon, Dr. Moses C. T. Jarbo, Minister of Finance & Development Planning, Minister of Mines & Energy, Minister of Justice and the Managing Director of the Liberia Petroleum Refinery Corporation
These appointments ignored a recommendation from the Special Presidential Committee that probed Global Witness’ accusation of corruption, which called on the President to audit the company before naming a management team.
Official and administrative corruption caused NOCAL to crash in 2015. The new team is however expected to focus on the marketing and development of the nation’s hydrocarbon industry, which has an immense potential of powering the domestic economy.
According to the US Geological Survey, as reported by the Economist Intelligence Unit, oil and gas reserves off the West African Coastal Province (which includes both Liberian
and Sierra Leonean territorial waters) are estimated at 3.2bn
barrels. Liberia oil basin consists of 30 concessionary blocks.
Currently ExxonMobil (block 13) and Chevron (Block14) are the only operators within the Liberian basin.