Liberia: NOCAL’s VP Outlines Investment Strategy to Revive Liberia’s Oil Sector

In a momentous gathering witnessed by esteemed dignitaries and industry stakeholders, Emmanuel Azango, the newly appointed First Vice President for Finance at the National Oil Company of Liberia (NOCAL), expressed profound gratitude and outlined his vision to propel Liberia’s oil sector to new heights.

Addressing the assembly, when he officially took office on Tuesday February 13, Azango conveyed his unwavering commitment to leveraging his role to advance Liberia’s public service agenda. “We don’t take this opportunity lightly,” he affirmed, emphasizing his determination to transform the nation’s fortunes within a six-year timeframe.

He was appointed recently by President Joseph Nyuma Boakai to help steer the affairs of that entity along with former Montserrado County District #5 Representative, Ms. Rustonlyn Suacoco Dennis, President/ Chief Executive Officer of NOCAL. 

Central to Azango’s mandate is the revitalization of NOCAL through the formulation and execution of a robust investment strategy. Recognizing the limitations of traditional revenue streams, he underscored the imperative of attracting transformative investments through strategic partnerships.

“We will draw on global trends favoring oil exploration investments, which have surpassed US$100 billion worldwide,” Azango stated, highlighting the opportunity to position Liberia as an attractive destination for oil exploration ventures.

Azango outlined plans to craft an investment blueprint aimed at enticing major Gulf National Oil Companies to bolster NOCAL’s technical and financial capabilities. 

He noted that Liberia’s strategic location and untapped potential make it a prime candidate for investment, especially amidst shifts in global oil dynamics, such as the isolation of Russian oil by European countries.

“Liberia is uniquely positioned to attract investments and partnerships with Gulf countries seeking diversification,” Azango asserted, underscoring his department’s proactive role in fostering international collaborations.

While acknowledging the global push towards renewable energy, Azango emphasized the economic opportunities presented by responsible exploration of Liberia’s hydrocarbon reserves. 

He affirmed NOCAL’s commitment to sustainable development while maximizing the nation's petroleum potential.

Azango expressed readiness to build upon the momentum generated by Exxon Mobil’s return to Liberian waters, signaling renewed confidence in the country’s oil prospects. 

He pledged to capitalize on this momentum to drive increased drilling and exploration activities.

In conclusion, Azango assured a collaborative approach, acknowledging the achievements of his predecessors and pledging to harness their legacy to steer NOCAL towards becoming a catalyst for national prosperity.