President Joseph Nyuma Boakai, has granted full 100% ownership of four strategic offshore oil blocks to the National Oil Company of Liberia to bolster the country’s energy independence and economic stability.
The allocated blocks—LB-10, LB-11, LB-29, and LB-31—mark a pivotal advancement in the development of the nation’s energy sector.
Transferring full ownership of these lucrative oil blocks to NOCAL, the government aims to ensure that all revenues generated will be reinvested directly into national development initiatives, NOCAL said in a statement late Monday night.
This move is expected to facilitate improvements in infrastructure, social programs, and other critical areas that directly benefit the citizens of Liberia.
“This landmark decision reinforces our commitment to strengthening Liberia’s energy security and self-sufficiency while reducing reliance on foreign imports,” the company said.
The administration believes that by maintaining complete control over natural resources, Liberia can safeguard its long-term economic interests.
The allocation of these oil blocks is poised to create significant economic benefits, with projections estimating the potential creation of thousands of direct and indirect jobs in exploration, production, and ancillary industries.
Furthermore, this initiative positions NOCAL as a vital contributor to Africa’s energy sector, attracting international expertise and partnerships that will enhance local capacity within the oil and gas field.
In a bid to expedite development, President Boakai has instructed the Liberia Petroleum Regulatory Authority (LPRA) to initiate the Petroleum Sharing Contracts (PSC) process without delay. The LPRA has been tasked to adhere strictly to the model petroleum agreement, with a completion timeline of ten working days, underscoring the administration’s commitment to transparency and swift resource development.
Analysts highlight that this decision holds profound implications for Liberia’s sovereignty over its natural resources and its investment appeal on the global stage. The strategic allocation is set to complement the LPRA’s regulatory framework, promoting balanced growth in the oil sector that aligns with both national priorities and international best practices.
With exploration and development poised to commence upon legislative approval, Liberia anticipates transformative benefits, including increased government revenues, enhanced energy infrastructure, technology transfers, and a strengthened position in regional energy markets. The Boakai administration is dedicated to ensuring that these vital resources are developed responsibly to yield maximum benefits for all Liberians.
