French energy major TotalEnergies said its offshore concession in Liberia holds significant potential for prospects that have the potential for large-scale discoveries.
Such discoveries that lead to cost-effective, low-emission developments, leveraging the Company’s proven expertise in deepwater operations, it said.
The company announced on Tuesday that it had been awarded four offshore exploration contracts by the Liberian government, marking the return of exploration activities in offshore Liberia.
Over the last decade, the Liberian government has been striving to reform its oil sector, passing laws to try to attract investors after limited interest has left the West African country’s 29 exploration blocks without contract.
Total has signed four production sharing contracts for the LB-6, LB-11, LB-17 and LB-29 exploration blocks in the south of the Liberia Basin, covering an area of approximately 12,700 square kilometres (4,900 square miles), it said in a statement.
“TotalEnergies is enthusiastic to be part of the resumption of exploration activities in offshore Liberia,” said Kevin McLachlan, Senior Vice-President Exploration at TotalEnergies.
“Entering these blocks aligns with our strategy of diversifying our Exploration portfolio in high-potential new oil-prone basins,” he said.
Few companies have expressed serious interest in Liberia’s offshore blocks in recent years, and the country lacks a refinery, relying on imports for all petroleum products, the U.S. International Trade Administration said on its website.
ExxonMobil applied in 2023 to pre-qualify for four offshore oil blocks in Liberia, which would allow it to bid for blocks 15, 16, 22, and 24.
If commercially viable oil deposits are discovered, a Ministry of Petroleum would need to be created to oversee bidding, the U.S. ITA said.
