Liberia: Expert Warns of 'Negative Consequences' as Pres. Boakai Awards 100% Ownership of Four Oil Blocks to NOCAL Without Legislative, Stakeholder Input

Nigeria, June 11 -- President Joseph N. Boakai's recent decision to award 100 percent ownership of four offshore oil blocks to the National Oil Company of Liberia (NOCAL) without first seeking input from the Legislature or key stakeholders is drawing sharp criticism from industry experts and economists, who warn that the move could undermine transparency and investor confidence in Liberia's fledgling petroleum sector.

By Obediah Johnson, [e-mail]

While justifying his decision, President Boakai argued that granting the oil blocks directly to NOCAL would streamline the process for potential investors. "Companies we have talked to want to come, but are hesitating because of the legislative process they m...