President Joseph Nyuma Boakai has granted the National Oil Company of Liberia (NOCAL) full ownership of four strategic offshore oil blocks, LB-10, LB-11, LB-29, and LB-31.
This landmark decision is set to boost Liberia’s energy independence and economic prosperity.
The allocation of these blocks is expected to create thousands of direct and indirect jobs in exploration, production, and related sectors.
It will also position NOCAL as a major player in Africa’s energy landscape, attracting technical expertise and international partnerships.
This move will not only build local capacity in the oil and gas industry but also contribute to the country’s long-term energy security.
Benefits for Liberians
With full ownership, Liberia will maximize financial returns from these blocks, with future revenues directly benefiting the Liberian people through national development projects, infrastructure improvements, and social programs.
This decision demonstrates President Boakai’s commitment to ensuring that the country’s natural resources are developed responsibly for the maximum benefit of all Liberians.
The Liberia Petroleum Regulatory Authority (LPRA) has been directed to commence the Petroleum Sharing Contracts (PSC) process under strict adherence to the model petroleum agreement.
The mandated ten-working-day completion timeline showcases the administration’s dedication to efficient resource development while maintaining transparency and accountability.
A New Era for Liberia’s Energy Sector
This decision reinforces Liberia’s sovereignty over its natural resources and creates an attractive investment framework.
With exploration and development expected to commence following legislative approval, Liberia stands to gain transformative benefits, including increased government revenue, technology transfer, and strengthened positioning in regional energy markets.
NOCAL’s Vision
As the National Oil Company of Liberia continues to play a pivotal role in the country’s energy sector, its acting CEO, remains committed to harnessing Liberia’s natural resources responsibly and sustainably.
This allocation is a significant step towards achieving that vision.
