The president and CEO of the National Oil Company of Liberia (NOCAL), Rustonlyn Suacoco Dennis, delivered an optimistic and forward-looking address at the Africa Oil Week (AOW) 2024 in Cape Town, South Africa.
Her statement signaled that Liberia is ready to engage with international investors to tap into its rich offshore oil potential.
Speaking to an international audience of industrial leaders, investors, and partners, Dennis expressed confidence in Liberia’s prospects for oil exploration.
“We believe that Liberia has the best oil in Africa. It is trapped somewhere in our basin, and we want to extract it,” Dennis said.
She encouraged potential investors to consider Liberia’s open-door policy, highlighting the country’s readiness to collaborate with exploration and production companies.
According to her, NOCAL has been working with data partners, TGS and Core Lab, to improve subsurface clarity through seismic data reprocessing.
“This effort is crucial to unlocking the hidden potential of Liberia’s offshore basins. According to Dennis, TGS recently completed the first phase of reprocessing 12,097 kilometers of 2D legacy seismic data offshore, and a second phase is now underway to reprocess an additional 12,675 kilometers,” she said.
This comprehensive seismic data, covering over 24,700 kilometers, is now available for industrial licensing and offers exploration opportunities in Liberia’s largely untapped petroleum system.
CEO Dennis also emphasized that there are two avenues for companies to engage in Liberia’s upstream sector.
In addition to participating in the ongoing direct negotiation process overseen by the Liberia Petroleum Regulatory Authority (LPRA), companies have the option to collaborate directly with NOCAL under what is called the Executive Allocation to NOCAL.
Through this model, NOCAL, which holds 100% interest in certain blocks, is opened to divesting part of its stake to interested parties.
Dennis noted that this option comes with attractive incentives for investors, signaling that NOCAL is eager to form partnerships.
Liberia is also exploring infrastructural investments to support its oil sector.
Dennis announced plans to set up a shore base in the Port City of Buchanan to facilitate offshore exploration activities.
“This will support our exploration activities offshore Liberia and open a new line of investment opportunities for Liberia,” she added.
NOCAL’s presentation at AOW 2024 will also delve deeper into Liberia’s petroleum geology and the direct negotiation process for acquiring exploration blocks.
Dennis closed her remarks by inviting investors and industry players to attend Liberia’s National Showcase, set to take place later in the day at 1:00 PM at the Government Stage.
Dennis expressed enthusiasm for the future of Liberia’s oil industry, stating, “We appreciate your interest in Liberia; we look forward to doing business with you.”
Liberia’s participation at AOW 2024 underscores its commitment to creating a robust oil and gas sector, as the country positions itself as a prime destination for energy investments in West Africa.
