Liberia: Boakai Grants Ownership of Strategic Oil Blocks to Nocal

In a landmark decision to strengthen Liberia's energy independence and economic prosperity, President Joseph Nyuma Boakai, Sr. has allocated four offshore oil blocks to the National Oil Company of Liberia (NOCAL) with full 100% ownership. The Executive Allocation of blocks LB-10, LB-11, LB-29, and LB-31 represents a transformative step in Liberia's energy sector development.

The full ownership transfer ensures maximum financial returns for Liberia, with all future revenues from these blocks directly benefiting the Liberian people through national development projects, infrastructure improvements, and social programs. By maintaining complete control over these resources, Liberia safeguards its long-term energy security and reduces dependence on foreign energy imports.

The allocation creates substantial economic opportunities, including the potential for thousands of direct and indirect jobs in exploration, production, and related sectors. It also positions NOCAL as a major player in Africa's energy landscape, attracting technical expertise and international partnerships that will build local capacity in the oil and gas industry.

President Boakai has directed the Liberia Petroleum Regulatory Authority (LPRA) to immediately commence the Petroleum Sharing Contracts (PSC) process under strict adherence to the model petroleum agreement. The mandated ten-working-day completion timeline demonstrates the administration's commitment to efficient resource development while maintaining rigorous standards of transparency and accountability.

This decision also reinforces Liberia's sovereignty over its natural resources while creating an attractive investment framework. The NOCAL allocation complements the LPRA's regulatory oversight, establishing a balanced approach to sector growth that prioritizes both national interests and international best practices.

With exploration and development of these blocks expected to commence following legislative approval, Liberia stands to gain transformative benefits including increased government revenue, technology transfer, energy infrastructure development, and strengthened positioning in regional energy markets.

The administration remains committed to ensuring these resources are developed responsibly for the maximum benefit of all Liberians.

Read the original article on Liberian Observer.