Liberia: Petroleum Regulatory Authority Launches 2020 Licensing Round Despite Covid-19 Pandemic

Liberia’s Petroleum Regulatory Authority (LPRA), has officially launched the country’s 2020 Licensing Round and offered 9 oil blocks for exploration

The official launch which was done online on Thursday, April 16, 2020.

In a brief remarks, Archie N. Donmo who is the Director General of the LPRA said: “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.”

Whilst some countries have been postponing or cancelling planned licensing rounds due to COVID-19 restrictions, LPRA decided to relocate their launch to a webinar, a move supported by President H.E. George Weah, who commented, “Liberia has been, is now, and will continue to remain an attractive investment destination. We want to use this medium to demonstrate that the Government of Liberia provides a stable operating environment, predictable as well as flexible legal and fiscal regimes, and a conducive operating environment for doing business.”

The 2020 round features 9 offshore blocks on offer (LB-25 to LB-33) in the Harper Basin which is regarded as one of the last “unexplored and undrilled” regions offshore West Africa.

The licensing round has been timed to coincide with positive amendments to Liberia’s Petroleum Law, including a provision that a mandatory 5% interest in all petroleum agreements to be awarded to Liberian-owned companies. Once pre-qualified, the list will be submitted to qualified international bidders to review for possible partnership opportunities.

“This move by the LPRA is a demonstration of the Liberian Government’s commitment to ensuring that indigenous Liberian companies are directly involved in the petroleum sector of the country.”

Africa Oil Week sponsor TGS is supporting the licensing round and hold the following multi-client data across the acreage on offer:

• 5,961 kilometres of 2D seismic, gravity and magnetic data
• 6,167 square kilometres of 3D seismic, gravity and magnetic data

Bid submissions will be open from 1 November before the license round closes in Monrovia on 28 February 2021.

Source:www.energynewsafrica.com