Liberia Named Top Destination for Deepwater Hydrocarbon Exploration in Africa - FrontPageAfrica

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Monrovia, Liberia – Liberia has been spotlighted as one of Africa’s top seven destinations for deep-water oil discoveries and hydrocarbon growth, according to the African Energy Council. The recognition underscores the country’s potential, with its 29 offshore blocks estimated to hold 1 billion barrels of oil by 2035.

This milestone reflects the Liberia Petroleum Regulatory Authority’s (LPRA) determined efforts to position the nation as a premier frontier for oil and gas exploration. However, LPRA Director General Marilyn Logan has urged caution, emphasizing the complexities of the journey from exploration to production.

“While this acknowledgment underscores Liberia’s potential, the journey to discovery and production is a long and complex one,” Logan stated. “We must first attract competent companies before considering the prospect of a drilling campaign and realizing the benefits of oil and gas production.”

Renewed Global Interest in Liberia’s Offshore Basin

Liberia’s largely underexplored offshore basin has drawn fresh interest from international energy stakeholders. Advanced seismic surveys have identified promising stratigraphic traps and reservoirs, with geological similarities to prolific oil-producing fields such as Ghana’s Jubilee Field and Guyana’s Liza-1.

“Our basin shares remarkable geological parallels with major oil-producing fields,” Logan explained. “This recognition validates the extensive research and strategy we’ve employed to elevate Liberia’s hydrocarbon profile.”

2024 Licensing Round: A Key Opportunity

The recognition comes as Liberia conducts its 2024 Licensing Round, offering 29 offshore blocks with significant hydrocarbon potential. This global campaign, set to conclude in the first quarter of 2025, seeks to attract world-class operators ready to explore one of West Africa’s untapped basins.

The LPRA has undertaken aggressive international outreach, showcasing Liberia’s geological data, licensing opportunities, and fiscal incentives through a robust digital platform and participation in major energy forums.

“Under the mandate of President H.E. Joseph N. Boakai, transparency and investor confidence are at the heart of our approach,” Logan emphasized. “Our licensing process is competitive, our fiscal terms are favorable, and our commitment to ethical best practices speaks volumes about Liberia’s readiness to welcome global energy leaders.”

Overcoming Past Challenges

Liberia’s oil and gas sector has faced hurdles in recent years. Major drilling campaigns by Chevron and ExxonMobil concluded over eight years ago without commercial discoveries, leaving the country seeking fresh investments.

However, experts believe Liberia’s proximity to productive basins, such as Ghana’s Jubilee Field and Côte d’Ivoire’s Foxtrot Field, reinforces its potential as a viable deep-water exploration frontier.

Economic and Social Impact

Success in the ongoing Licensing Round could usher in a transformative chapter for Liberia, with potential benefits extending beyond government revenues. Hydrocarbon development could drive job creation, infrastructure development, and energy security, positively impacting local communities.

For energy executives exploring new frontiers, Liberia represents a unique opportunity in an increasingly competitive global landscape.

“Liberia is ready to make its mark on the global energy stage,” Logan stated. “The data, the potential, and the commitment are all here. Now, we seek bold partners to join us in unlocking this frontier.”