House Ratifies Oil Contract
Following several hours of heated debate on the contract between the Government of Liberia and Exxon Mobile to carry out oil and gas exploration in Block 13, the Plenary of the House of Representatives Liberian Legislature concurred with Liberian Senate to ratify the Agreement.
The Joint Committee on Lands, Mines, Public Utility, Contract and Monopolies, Investment and Concessions and Judiciary recommended that the House concur with the Senate to seal the deal.
About a Month ago, President Sirleaf submitted the Contract to the Legislature for ratification.
The Joint Committee conducted Public hearings to solicit expert and legal opinions on the Contract.
Cllr. Tiawan Gongloe, Lester Tenny, Thomas Nah Doe and some Civil Society groups called on the Legislature to be cautious in accepting the Contract as signed by the Liberian Leader.
They advised the lawmakers to ensure that the Liberian people benefit from the Oil and Gas revenue and there is a system of accountability put in place.
NOCAL President/CEO and the Ministers of Justice and Finance praised the contract as offering the best revenue, environmental and labor incentives to the country.
With the contract ratified by both Houses, Exxon Mobile will assume the assets of Peppercoast who originally owned the Block.