Liberia’S National Oil Company Of Liberia (NOCAL), Liberia Petroleum Regulatory Authority (LPRA) To Mobilize Frontier Exploration Opportunities As Sponsors At African Energy Week (AEW) 2024

(MENAFN- African Press Organization)

As frontier exploration continues to drive upstream investment in Africa, Liberia offers extensive offshore territory to interested investors and established exploration and production (E&P) companies, with the aim of developing 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.

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Liberia's prospective energy resources, coupled with the proactive efforts of the LPRA and NOCAL, is 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 role of consumers, architects, technicians, rural developers, financial institutions, suppliers and community leaders. As Liberia seeks to increase power access from 30% to 70% by 2030, promoting local content has become central to the country's efforts to foster sustainable and inclusive growth. NOCAL's approach to driving electrification and resource monetization through initiatives such as LEAP not only serves to stimulate job creation and skills development, but also empower local businesses to engage in the supply chain and contribute to Liberia's broader economic growth.

“Liberia holds tremendous untapped potential, underscored by ambitious targets to increase electricity access and develop its local workforce. Through continued exploration of Liberia's hydrocarbon resources, NOCAL and LPRA have the potential to unlock new energy frontiers and stimulate economic growth for the nation and wider West African region,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber – the voice of the African energy sector.

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