The President and CEO of the National Oil Company of Liberia (NOCAL) touts Liberia as home to “the best oil in Africa” during her keynote address at the African Oil Week 2024 in London.
Speaking to international stakeholders, Rustonlyn Suacoco Dennis presented a clear picture of Liberia’s geological potential and the urgent need for global investment in its untapped oil resources.
“My presence here today is a statement that Liberia is ready for business,” Dennis declared to a gathering of representatives from across the globe.
She articulated a vision of collaborative success, inviting international partners to explore the potential hidden within Liberia’s expansive oil basin.
Highlighting its unexploited resources, Dennis stated, “We believe that Liberia has the best oil in Africa.
It is trapped somewhere in our basin, and we want to extract it.” She reassured potential investors that NOCAL is equipped to provide them with crucial data and geological insights necessary for capitalizing on exploration opportunities.
In her bid to attract investment, Dennis announced exciting advances in geoscientific data collection. Recently, TGS, a prominent data partner, completed the first phase of reprocessing approximately 12,097 kilometers of legacy seismic data off Liberia’s coast.
This initiative aims to enhance subsurface clarity, allowing exploration companies to better assess the region’s untapped potential.
“The second phase has commenced, targeting an additional 12,675 line kilometers over the Liberia and Harper Basins,” Dennis explained, bringing the total reprocessed data to an impressive 24,700 kilometers.
She emphasized that this high-quality 2D seismic data is vital for exploration and production firms eager to evaluate opportunities within a proven petroleum system.
Dennis also outlined various investment routes available, including ongoing negotiations led by the Liberia Petroleum Regulatory Authority and a unique model that allows NOCAL to divest some of its 100% interest to interested parties.
“We are open to partnership,” she reiterated, showcasing the myriad incentives for collaboration with the state-owned company.
She revealed plans for establishing a shorebase in the Port City of Buchanan, a strategic move designed to bolster offshore exploration activities and attract even more investment into Liberia’s burgeoning oil sector.
