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Liberia’s cash-strapped state oil company to slash staff in revamp

26/08/2015

Cash-strapped National Oil Company of Liberia (NOCAL) will slash its work force by over two-thirds and its board of directors will be replaced as it grapples with a fall in the price of oil, the country's president said on Tuesday. The West African country does not produce any oil or natural gas but has placed its hopes in potential reserves offshore in deep and ultra-deep waters, following the example of Gulf of Guinea neighbours Ghana and Nigeria, Africa's biggest producer. But Liberia has been hit hard by a rapid decline in world oil prices that has led many companies to reassess their exploration strategies.