With frontier exploration driving upstream investment across, Liberia actively offers its extensive offshore territory to investors and established exploration and production (E&P) companies, seeking to advance its emerging oil and gas industry.
Poised to provide insight into the country’s frontier energy opportunities, the National Oil Company of Liberia (NOCAL) and Liberia Petroleum Regulatory Authority (LPRA) will participate at the African Energy Week (AEW): Invest in African Energy 2024 conference, taking place in Cape Town from November 4–8, as Technical Presentation and Networking Cocktail co-sponsors.
Committed to exploring the untapped potential of Liberia’s offshore resources, NOCAL recently partnered with surveying services firm TGS to reprocess multi-client seismic data offshore Liberia. The project, which was announced earlier this month, aims to update existing 2D and 3D seismic data in the Liberia and Harper basins, integrating legacy data sets into a unified velocity model using advanced imaging algorithms.
TGS recently completed the first phase of the initiative, reprocessing approximately 12,097 km of 2D legacy seismic data, which is now available for industry licensing. In the second phase, the firm will reprocess a further 12,675 km in the Liberia and Harper basins and approximately 15,616 km2 of 3D seismic data in the Liberia basin.
Liberia’s prospective energy resources, coupled with the proactive efforts of the LPRA and NOCAL, are attracting the interest of major explorers. American multinational ExxonMobil has expressed interest in four exploration blocks—LB-15, LB-16, LB-22, and LB-24—strategically positioned in the Liberia basin. Liberia’s ongoing direct negotiation process has further strengthened its appeal to interested companies, with 33 blocks opened for direct negotiation with the government.
The negotiations were opened in June 2021 and are still available for all reputable international oil and gas companies to participate in the country’s Liberia Basin, which features blocks LB-01 to LB-24, and Harper Basin, which hosts blocks LB-24 to LB-33. As NOCAL forges ahead with its E&P agenda, the parastatal remains at the forefront of driving responsible and sustainable petroleum exploration in Liberia.
Through initiatives like the Liberia Energy Access Practitioner (LEAP) network, the country and its parastatal oil company have also focused on fostering the participation of local companies, workforces, and industries in the energy sector. The program targets the transfer and diffusion of technologies in the energy sector while enhancing the roles of consumers, architects, technicians, rural developers, financial institutions, suppliers, and community leaders.
Liberia aims to increase power access from 30% to 70% by 2030, prioritising local content to ensure sustainable and inclusive growth. NOCAL drives electrification and resource monetization through initiatives like LEAP, stimulating job creation, skill development, and empowering local businesses to participate in the supply chain, thereby contributing to Liberia’s economic growth.
