Outside The Reform Law, Dr. McClain To Sell 11 Oil Blocks --8 Deep-Water Blocks, 3 Ultra Deep-Water Blocks PART 1 The new Oil Reform Law, which was widely publicized by the Speaker and members of the House of Representatives throughout the length and breadth of Liberia, is before the National Legislature to be passed into law. The new Oil Reform Law seeks to do four main things: create an oil policy bureau under the supervision of the Ministry of Lands Mines and Energy; create a regulatory bureau sorely responsible to regulate the oil sector, with NOCAL remaining as it is to serve as the commercial arm of the sector. The oil reform also seeks to repartition the oil block to international standard. The oil blocks are twice the size of the blocks of Norway, which is credited for having one of the best oil laws. When the new oil reform law is rectified by the House of Representatives, and concurred by the Liberian Senate, it will take 190 days before it comes into law and splits the current NOCAL authority into three equal halves and puts the bid-process under the regulatory bureau. Information gathered by the National Chronicle suggests that Dr. Randolph McClain, Chief Executive Officer (CEO), NOCAL, is totally against the new oil reform law, which seeks to reduce his NOCAL authority by one third. Apparently, the NOCAL CEO is undermining the process because, according to one of the executive members of the National Legislature who is extremely close to Speaker Tyler, they will do everything in their power to make sure that the Oil Reform Law is not passed. If the Oil Reform Law is not passed into law, it benefits the current NOCAL configuration, in general, and Dr. McClain, in particular. Dr. McClain is currently undermining their own brain child, the Oil Reform Law, to amass his personal wealth. Dr. McClain is the sole negotiator to sell eight (8) deep waters oil blocks (blocks 1,2,3,4,5,6,16 and 17), two of which were relinquished by Anadarko, and three ultra-deep water oil blocks. From deep water oil blocks, 1—5, a moratorium was placed on it by the President of the Republic of Liberia, Madam Ellen Johnson Sirleaf until the oil reform bill was approved by the legislature. But despite the moratorium, the NOCAL CEO is going ahead to sell the Liberian people’s oil. An Executive of NOCAL, when spoken to, asked, “Do you think that Dr. McClain can sell the Liberian people’s oil by himself?” He suggested that President Ellen Johnson-Sirleaf has her hand in the conspiracy against the Liberian people. Dr. McClain is to become a multi-millionaire (if he is not already) if his sinister plan is put into place, especially when the Austrian company, African Petroleum, has announced a discovery of commercial oil in Liberia. The singular announcement by African Petroleum has appreciated the oil sector of Liberia, hiking the cost of one Liberian offshore oil block to a minimum of US$50,000,000 (fifty million United States dollars). A minimum of US$50,000,000 (fifty million United States dollars) because the most recent oil deal between the Liberian Government and Exxon Mobile netted US$50,000,000 (fifty million United States dollars), so since the sole negotiator is Dr. McClain, who is in a haste to get rid of eleven oil blocks before the Oil Reforms Law prohibits him, he may settle for its minimum bargain price, which remains at US$50,000,000.000 (fifty million United States dollars). Dr. McClain seems to be a desperate man, running against time because of the passage of the Oil Reform Law—to make his millions when he puts the eleven (11) oil blocks (eight deep water blocks and three (3) ultra-deep water blocks) for tender. If Dr. McClain’s devilish plan is realized, the government will net a little over US$550,000,000.00 (five hundred and fifty million United States dollars) from one sector of the economy. The unfortunate situation is that, out of the seventeen deep water off-shore oil blocks, ten were sold to mostly influential United States oil companies and the Government of Liberia, under President Ellen Johnson-Sirleaf has yet to account for funds generated from the oil block, signature bonus, and the international oil companies’ corporate and social responsibilities. One is left to wonder: Why the haste?
Posted on: Mon, 03 Mar 2014 18:28:31 +0000
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