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Thursday, July 25, 2024

Liberia: Petroleum Regulator to Showcase Oil Prospect In London

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Liberia Petroleum Regulatory Authority (LPRA) Director General Marilyn T. Logan will showcase the country’s frontier exploration prospects at the Invest in African Energy reception in London on July 11, which acts as a precursor to African Energy Week (AEW): Invest in African Energy 2024 in Cape Town this November.

Liberia Petroleum Regulatory Authority (LPRA) Director General Marilyn T. Logan will showcase the country’s frontier exploration prospects at the Invest in African Energy reception in London on July 11, which acts as a precursor to African Energy Week (AEW): Invest in African Energy 2024 in Cape Town this November.

Liberia is looking to attract major explorers to drive exploration of its prospective hydrocarbon resources, engaging surveying services firm TGS to reprocess over 24,000 km of 2D and over 15,600 km2 of 3D multi-client seismic data in the Liberia and Harper basins.

Reigniting its West African exploration focus, American multinational ExxonMobil has expressed interest in and secured pre-qualification for four exploration blocks in the Liberia basin – LB-15, LB-16, LB-22 and LB-24 – supported by the country’s ongoing direct negotiation process initially launched in 2021. The company has a longstanding history in Liberia, having acquired petroleum rights for then-Block 13 in 2013 and drilled the Mesurado-1 well in 2016.

The Invest in African Energy reception in London will preview the continent’s available oil and gas acreage, as well as major opportunities across midstream and downstream segments. Last May, the Liberia Petroleum Refining Company (LPRC) and Stratcon Energy and Trading Company of Ghana signed an agreement for the supply of petroleum products in the Liberian market.

Under the partnership, LPRC will import petroleum products from its regional neighbor, with a view to increasing Liberia’s strategic fuel reserves, stabilizing fuel prices and ensuring energy security.

“Liberia is home to a diverse range of investment opportunities, which will be showcased by LPRA at the London reception. In addition to featuring frontier oil and gas exploration prospects and securing the interest of global majors like ExxonMobil, Liberia holds the potential to become a major petroleum hub for landlocked countries in the region,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.

Energy Chamber

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