Lagos, Nigeria — The Officer-In-Charge of the National Oil Company of Liberia (NOCAL), Mr. Jacob Kabakole, has told oil and gas experts attending the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) Conference in Lagos, Nigeria, that Liberia is a prime destination for energy ventures, backed by substantial reserves and supportive governmental frameworks.
"Liberia sits on a highly prospective petroleum basin with established petroleum systems made by discoveries with significant reserves potential in the basin," Kabakole declared, underlining the nation's rich resource endowment. He revealed that Liberia boasts an extensive repository of seismic data, covering over Thirty-Four Thousand kilometers of 2D seismic data and Twenty Four Thousand Square Kilometers of 3D seismic coverage, courtesy of their partner TGS NOPEC.
Kabakole delineated the available investment avenues, highlighting two principal options: Executive Allocation to NOCAL and Direct Negotiations. He elucidated that the New Petroleum E&P Law, amended in October 2019, empowers NOCAL to engage in direct talks with companies, offering a 100% interest allocation to the state-owned enterprise. Additionally, prospective investors can opt for Direct Negotiations facilitated by the Liberia Petroleum Regulatory Authority (LPRA), with all Thirty-Three blocks open for exploration.
Expanding beyond upstream opportunities, Kabakole unveiled NOCAL's plans for infrastructure development, including the establishment of a shore-base and tank farm near the Port of Buchanan. The shore-base aims to cater to operational and logistical needs during exploration activities, while the tank farm endeavors to enhance Liberia's storage capacity to meet burgeoning market demands, particularly driven by mining activities.
Highlighting Liberia's commitment to peace and security, Kabakole emphasized the nation's strides toward democracy and adherence to international best practices under the leadership of President Joseph Nyumah Boikai Sr. He extended a warm invitation to prospective investors, affirming Liberia's readiness to embrace partnerships across various sectors.
Kabakole expressed gratitude for the opportunity to address the distinguished gathering, reiterating Liberia's eagerness to collaborate with global stakeholders in driving forward its oil and gas industry.
