The National Oil Company of Liberia and the Liberia Petroleum Regulatory Authority are pleased to announce their participation as Technical Presentation and Networking Cocktail co-sponsors at the upcoming African Energy Week: Invest in African Energy conference.
As frontier exploration persists in driving upstream investment across Africa, Liberia presents substantial offshore territory to potential investors and established exploration and production (E&P) companies, aiming to foster the development of its emerging oil and gas industry. With the objective of providing valuable insights into the nation's frontier energy opportunities, the National Oil Company of Liberia (NOCAL) and Liberia Petroleum Regulatory Authority (LPRA) are pleased to announce their participation as Technical Presentation and Networking Cocktail co-sponsors at the esteemed African Energy Week (AEW): Invest in African Energy 2024 conference, scheduled to take place in Cape Town from November 4-8.In line with our commitment to unlocking the full potential of Liberia's offshore resources, NOCAL recently collaborated with TGS, a renowned surveying services firm, to undertake a comprehensive seismic data reprocessing project offshore Liberia. Announced earlier this month, this strategic initiative aims to enhance existing 2D and 3D seismic data within the Liberia and Harper basins. By integrating legacy data sets into a unified velocity model using advanced imaging algorithms, we seek to gain deeper insights into the subsurface geology and hydrocarbon potential of these basins.
TGS has successfully completed the first phase of this project, meticulously reprocessing approximately 12,097 kilometers of 2D legacy seismic data. This reprocessed data is now readily available for licensing by interested industry players. The second phase of the project will involve the reprocessing of an additional 12,675 kilometers of seismic data in the Liberia and Harper basins, along with approximately 15,616 square kilometers of 3D seismic data in the Liberia basin.
Through this collaborative effort with TGS, NOCAL remains steadfast in its pursuit of unlocking the untapped potential of Liberia's offshore resources, thereby contributing to the nation's economic growth and development..
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
Liberia's prospective energy resources, combined with the proactive initiatives of the Liberia Petroleum Regulatory Authority (LPRA) and the National Oil Company of Liberia (NOCAL), are garnering significant interest from prominent exploration companies. Notably, the American multinational corporation ExxonMobil has expressed its interest in four exploration blocks—LB-15, LB-16, LB-22, and LB-24—which are strategically located within the Liberia Basin. Liberia's ongoing direct negotiation process has further enhanced its appeal to interested companies, with 33 blocks available for direct negotiation with the government.
These negotiations commenced in June 2021 and remain open to all reputable international oil and gas companies seeking to participate in the country's Liberia Basin, encompassing blocks LB-01 to LB-24, and the Harper Basin, comprising blocks LB-24 to LB-33. As NOCAL diligently pursues its exploration and production agenda, the parastatal organization continues to play a pivotal role in driving responsible and sustainable petroleum exploration in Liberia.
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In order to achieve sustainable and inclusive growth, Liberia has prioritized the participation of local companies, workforces, and industries in the energy sector through initiatives such as the Liberia Energy Access Practitioner (LEAP) network. This program aims to transfer and disseminate technologies in the energy sector while empowering consumers, architects, technicians, rural developers, financial institutions, suppliers, and community leaders.
As Liberia strives to increase power access from 30% to 70% by 2030, promoting local content has become crucial. NOCAL's approach to driving electrification and resource monetization through initiatives like LEAP not only stimulates job creation and skills development but also enables local businesses to actively engage in the supply chain, contributing 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