Liberia, Nov. 7 -- The President-designate and Chief Executive Officer of the National Oil Company of Liberia (NOCAL), Fabian Lai, has outlined steps being taken by the Government of Liberia (GOL) to prevent foreign investors from profiteering from Liberia's oil and gas resources to the detriment of the country and its people.It can be recalled that Oranto Petroleum, owned by Nigerian businessman Arthur Price Eze, was in 2007 awarded three offshore oil blocks - LB 11, 12, and 14 - for US$200,000, but later sold them to Chevron in 2010, reportedly earning US$200 million from the transaction.

Under a new arrangement, Oranto and TotalEnergies have jointly been awarded eight oil blocks by the Liberian government in an agreement now before th...