NOCALNational Oil Company of Liberia
NOCALNorthern California
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You do this even though you have to be fully aware that I did not arrive at NOCAL until the last quarter of 2013,' she said adding 'The FPA article contained numerous conjectures, misrepresentations and false conclusions.
Let me set the record straight: 1) ALL but one of the contracts with TGS was negotiated and signed well before I arrived at NOCAL, and the most recent one was negotiated and signed in November 2013 (by my predecessor and without my involvement).
2) The GAC audit report asserted that there were a number of errors in the computation of revenue due NOCAL under the TGS contracts.
Your informants must have failed to mention that immediately upon my appointment as Interim President and CEO of NOCAL in late 2015, I directed a comprehensive review of all transactions with TGS for the period February 1, 2008 through June 30, 2014.
Our negotiations also resulted in TGS agreeing to waive US$1,225,153 that NOCAL owed TGS, so that our review resulted in a total financial gain to NOCAL of US$5,255,286.
Well, here are the facts related to that claim: a)The audit report indicated that NOCAL claimed costs of over US$94 million for a survey conducted under the 2007 agreement with TGS.
Note: the GAC did not claim that TGS should have shared this amount with NOCAL but failed to do so).
Liberian waters, interprets the survey data, licenses the interpreted data to interested oil companies, and shares the licensing revenue with NOCAL.
You are also fully knowledgeable about who were the key players at NOCAL during the period of the GAC report that served as a basis for your article.
corporation's financial and human resources, proactively engaged investors to restart industry interest in Liberia's oil program and have secured revenue that will permit NOCAL to function for at least the next two years (if prudently and properly managed) and allow sufficient time for the new administration to take necessary steps to implement Liberia's new petroleum law.
NOCAL has sent over 50 Liberians to become graduates in petroleum economies, engineering, policy, accounting and management in anticipation of an oil discovery.
NOCAL will receive without cost, a 10 percent share in Block 13 at the start of commercial production also.