VOL. NO: 53      DATE:
 

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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

Companies start the search for oil in Liberia soon

THE Chairman of the National Oil Company of Liberia (NOCAL), Clemenceau B. Urey, has disclosed that in spite of the fact that oil has never been found in Liberia, oil companies that reached agreements with NOCAL are set to start their search for oil in Liberia soon.

Already two companies, Dranto and Broadway, are on the ground and are in readiness to embark on oil explorations. Liberians stand to benefit immensely from any investment into the development of Liberia's oil industry.

The NOCAL Board Executive said this will enable investors to invest in the country's reconstruction process, adding that "Liberians will learn from the short comings of oil countries that never used their resources properly.

With this government in power, when we discover oil, we know that the resources will be used judiciously this time around," he said.

 

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