The Liberia Petroleum Regulatory Authority (LPRA) is leading the licensing process, supported by more than 50,000 line-kilometers of two-dimensional (2D) seismic data and over 31,000 square kilometers of three-dimensional (3D) seismic data. These datasets will help prospective investors assess the region’s geological structures and identify potential exploration targets.
The available acreage includes Cretaceous structures, deepwater basin-floor fans, and structural closures that could trap oil and gas. However, companies will need to conduct further technical assessments and drilling to determine whether these prospects contain commercially recoverable resources.
TGS, a geophysical data company, and Core Laboratories have supported the technical program by providing seismic and stratigraphic data. Additional gravity, magnetic, well-log, and multi-client datasets will help companies interpret subsurface formations and evaluate potential drilling locations.
The LPRA has taken several steps to prepare investors for the licensing process. The authority held an investor day in Houston on August 19, 2026, and opened prequalification on August 28. The process allows prospective investors to demonstrate their technical expertise, financial capacity, and offshore operating experience before pursuing specific blocks.
Liberia’s last formal competitive oil and gas bidding round took place between August and December 2014 under the National Oil Company of Liberia (NOCAL). The process ended unsuccessfully following political disagreements. The country subsequently adopted a Direct Negotiation Licensing Round model, which allows qualified companies to pursue individual exploration opportunities and negotiate proposals for specific blocks. Liberia also used this approach during its 2024 licensing round.
The process operates under Liberia’s 2014 Petroleum Exploration and Production Act and its 2019 amendments. The LPRA assesses companies based on their technical capabilities, financial strength, and offshore experience before they advance into negotiations. Any resulting production sharing contracts require signatures from both the LPRA and the Ministry of Finance and Development Planning.
TGS has reprocessed 12,000 kilometers of 2D seismic data using pre-stack depth migration, a technique that can improve subsurface imaging. The company has also reprocessed 5,100 square kilometers of 3D seismic data from a wider 26,000-square-kilometer dataset. Its broader library includes more than 24,000 kilometers of legacy 2D seismic data, providing additional information for companies evaluating the offshore acreage.
The available Liberia Basin blocks include LB-1, LB-2, LB-3, LB-7, LB-12, LB-13, and LB-14, while opportunities in the Harper Basin include LB-18, LB-19, LB-20, LB-21, LB-23, LB-25, and LB-28. Other blocks within the wider licensing grid already fall under existing commitments or agreements.
TotalEnergies holds LB-6, LB-11, LB-17, and LB-29, covering approximately 12,700 square kilometers, while Atlas Oranto Petroleum holds LB-15, LB-16, LB-22, and LB-24. PetroQuest has interests connected to LB-32. Separately, RL003 covers LB-26, LB-30, and LB-31 and involves TotalEnergies and BluEnergies in a study and application arrangement.
Corporate interest in the Harper Basin also gained attention after Australian independent oil and gas company Bounty Oil & Gas agreed on September 22, 2026, to acquire 100% of PetroQuest Liberia Deep Water. PetroQuest holds an exclusive letter of engagement with NOCAL to negotiate a production sharing contract for LB-32. The proposed acquisition provides Bounty with a potential entry point into Liberia’s offshore exploration sector, although the agreement does not itself confirm the award of a petroleum license or an oil discovery.
The Harper Basin has attracted interest because of its geological relationship with neighboring Côte d’Ivoire’s offshore petroleum system. Eni’s Baleine and Calao discoveries have strengthened interest in the wider Atlantic margin, while companies such as Petrobras and Murphy Oil have pursued comparable Upper Cretaceous deepwater exploration opportunities elsewhere in the region. These developments provide geological reference points for investors, but Liberia’s prospects will require independent assessment.
Liberia’s prequalification remains valid for five years, allowing qualified companies to prepare for negotiations and assess suitable opportunities as they emerge. However, prequalification does not guarantee a license or the award of a block.
The licensing round gives Liberia another opportunity to attract investment into its offshore petroleum sector. Its success will depend on whether the available geological data can convince companies to commit capital to exploration, alongside a clear licensing process and credible commercial terms. Deepwater exploration carries significant financial and geological risks, and commercial discoveries will ultimately determine the sector’s long-term prospects.
source:africaoilgasreport.com
African Energy Council