Liberia has emerged as one of Africa’s leading destinations for deep-water oil discoveries and hydrocarbon expansion. The country boasts significant potential, with its 29 offshore blocks projected to yield 1 billion barrels of oil by 2035.
The Liberia Petroleum Regulatory Authority (LPRA) has worked diligently to establish the country as a leading destination for oil and gas exploration. Despite this progress, LPRA Director General Marilyn Logan has called for caution, highlighting the challenges involved in moving from exploration to production.
“While this acknowledgment underscores Liberia’s potential, the journey to discovery and production is a long and complex one,” Logan stated. “We must first attract competent companies before considering the prospect of a drilling campaign and realizing the benefits of oil and gas production.”
Liberia’s largely underexplored offshore basin has drawn fresh interest from international energy stakeholders. Advanced seismic surveys have identified promising stratigraphic traps and reservoirs, with geological similarities to prolific oil-producing fields such as Ghana’s Jubilee Field and Guyana’s Liza-1.
“Our basin shares remarkable geological parallels with major oil-producing fields,” Logan explained. “This recognition validates the extensive research and strategy we’ve employed to elevate Liberia’s hydrocarbon profile.”
The recognition comes as Liberia conducts its 2024 Licensing Round, offering 29 offshore blocks with significant hydrocarbon potential. This global campaign, set to conclude in the first quarter of 2025, seeks to attract world-class operators ready to explore one of West Africa’s untapped basins.
The LPRA has undertaken aggressive international outreach, showcasing Liberia’s geological data, licensing opportunities, and fiscal incentives through a robust digital platform and participation in major energy forums.
“Under the mandate of President H.E. Joseph N. Boakai, transparency and investor confidence are at the heart of our approach,” Logan emphasized. “Our licensing process is competitive, our fiscal terms are favorable, and our commitment to ethical best practices speaks volumes about Liberia’s readiness to welcome global energy leaders.”
Liberia’s oil and gas sector has encountered challenges in recent years. Chevron and ExxonMobil wrapped up major drilling campaigns over eight years ago without finding commercially viable reserves, prompting the country to pursue new investments.
Experts, however, highlight Liberia’s location near productive basins like Ghana’s Jubilee Field and Côte d’Ivoire’s Foxtrot Field, which strengthens its position as a promising frontier for deep-water exploration.
