The reform, in addition to slump in oil prices and the Ebola crisis, resorted in a temporary dormancy within the sector. After the passage of the New Petroleum and Reform Law, 2014 and the setting up of the LPRA, the Government is now in a better position to proceed with the tendering process.
In a meeting held between NOCAL, LPRA and TGS (the geophysical company hosting Liberia’s offshore seismic data and rendering technical support), it was unanimously agreed that all parties have established the needed capabilities and internal mechanisms to ensure that the government conducts a successful bid round thereby attracting the right investors.
The LPRA has disclosed that the next bid round, expected to commence in April 2020, will affect blocks within the Harper Basin. It is important to note that the 2019 amendment to the New Petroleum Law triggered a re-demarcation process resorting into Nine (9) blocks within the Harper Basin and 24 blocks within the Liberia Basin. The entire Harper Basin (9 blocks including from LB-25-LB33) will be tendered during the 2020 licensing round.
This is a watershed moment for the country and the Authority (LPRA) is excited to reach an agreement with all parties including TGS and NOCAL in promoting Liberia’s offshore acreage and attracting the needed investment in Liberia towards support for the Pro-Poor Agenda for Prosperity and Development (PAPD) under the aegis and leadership of President Dr. George Manneh Weah. A formal announcement on the actual licensing date in 2020 will be made at the soonest by His Excellency, Dr. Weah, based on recommendation from the Authority (LPRA), working in concert with NOCAL and TGS.