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Government of Liberia Identifies Offshore Blocks to be Tendered during the Next Licensing Round 2020

The Government of Liberia, through the Liberia Petroleum Regulatory Authority (LPRA), has announced blocks to be offered during the next licensing round. Following an unsuccessful ratification of negotiated petroleum sharing contracts (PSCs) in 2014 climaxing the last bid round, the Government of Liberia made a shrewd and progressive decision, through a robust reform process, to provide efficient institutional governance system, maximize revenue from potential petroleum resources, and promote Liberia citizens’ participation. The reform, in addition to slump in oil prices and the Ebola crisis, resorted in a temporary dormancy within the sector. After the passage of the New Petroleum and Reform Law, 2014 and the setting up of the LPRA, the Government is now in a better position to proceed with the tendering process. 

During the SEMICA International Conference on Mining, Energy, and Petroleum held in Monrovia from November 28-30, 2019, the President of Liberia, Dr. George M. Weah reiterated the government’s commitment to expanding exploration program and sustainably, efficiently as well as transparently manage the petroleum sector. He further admonished LPRA and NOCAL to work concertedly in realizing this national objective.

In a meeting held between NOCAL, LPRA and TGS (the geophysical company hosting Liberia’s offshore seismic data and rendering technical support), it was unanimously agreed that all parties have established the needed capabilities and internal mechanisms to ensure that the government conducts a successful bid round thereby attracting the right investors. The LPRA has disclosed that the next bid round, expected to commence in April 2020, will affect blocks within the Harper Basin. It is important to note that the 2019 amendment to the New Petroleum Law triggered a re-demarcation process resorting into Nine (9) blocks within the Harper Basin and 24 blocks within the Liberia Basin. The entire Harper Basin (9 blocks including from LB-25-LB33) will be tendered during the 2020 licensing round.

This is a watershed moment for the country and the Authority (LPRA) is excited to reach an agreement with all parties including TGS and NOCAL in promoting Liberia’s offshore acreage and attracting the needed investment in Liberia towards support for the Pro-Poor Agenda for Prosperity and Development (PAPD) under the aegis and leadership of President Dr. George Manneh Weah. A formal announcement on the actual licensing date in 2020 will be made at the soonest by His Excellency, Dr. Weah, based on recommendation from the Authority (LPRA), working in concert with NOCAL and TGS.

Last modified on Monday, 09 December 2019 09:51