Monrovia – FrontPageAfrica has reliably learned that the US-based seismic data company, TGS NOPEC, has been financing the cash-strapped National Oil Company of Liberia for the last three years from money reportedly owed the Government of Liberia. Under the MOUs, TGS-NOPEC acquired, processed, and interpreted seismic data offshore of Liberia approximately 9,382 kilometers from deep water. Inclusive of this amount was the miscellaneous receipts associated with sales of 2D Seismic Data, which were not reported to NOCAL. Similarly, US$1,034,858.41 payable to NOCAL from the sale of seismic data between 2002 and 2008 was not remitted to NOCAL until October 2008. The use of the inappropriate rates and cost recovery resulted in NOCAL’s revenue share being understated by US$374,661.29.

Source: Front Page Africa February 05, 2018 02:10 UTC