Liberia designated as the preferred destination for deepwater hydrocarbon exploration in Africa

Liberia has emerged as one of Africa's top seven destinations for deepwater oil discovery and hydrocarbon development, according to the African Energy Council. This distinction highlights the energy potential of the country, whose 29 offshore blocks could contain up to 1 billion barrels of oil by 2035. This milestone reinforces the country's efforts to become a key destination for oil and gas exploration.

Strategic recognition for the offshore basin

The recognition underlines the hard work of the Liberia Petroleum Regulatory Authority (LPRA) as it strives to position the country as a new energy frontier in Africa. However, LPRA CEO Marilyn Logan stressed the need to remain realistic about the challenges facing the industry.

"The road to discovery and production is long and complex," she said. "We need to attract skilled and experienced operators to explore these promising blocks before we can expect the economic benefits."

Advanced seismic studies and in-depth analysis have revealed geological features similar to those of prolific basins such as the Jubilee field in Ghana and the Liza-1 field in Guyana, reinforcing the appeal of the Liberian basin to investors.

2024 licence cycle: a decisive moment

The announcement comes as Liberia leads a global campaign for its 2024 licensing round, offering investors the chance to explore its 29 offshore blocks. The initiative, which is due to close in the first quarter of 2025, aims to attract world-class companies ready to explore the untapped opportunities in the Liberian Basin.

To promote this campaign, the LPRA is relying on an ambitious international awareness-raising strategy, combining a robust digital platform with a presence at the world's main energy forums.

"Transparency, competitiveness and favourable tax incentives are at the heart of our approach," said Logan, highlighting the Liberian government's commitment to creating an environment conducive to energy investment.

Overcoming the challenges of the past

Liberia's oil and gas sector has not been without its challenges. Drilling campaigns carried out almost a decade ago by giants such as Chevron and ExxonMobil failed to lead to commercial discoveries, slowing the industry's growth. However, Liberia's geographical proximity to productive basins such as the Foxtrot field in Côte d'Ivoire and the Jubilee field offers promising prospects.

"Our past efforts have allowed us to learn and refine our approach," said Logan. "Today, we are better prepared to welcome bold partners ready to explore the potential of our basin."

Economic potential and social impact

A successful licensing round could transform the Liberian economy, generating significant government revenues, creating local jobs and stimulating infrastructure development. The spin-offs could also enhance the country's energy security, while benefiting local communities.

For Liberia, this opportunity goes far beyond the exploitation of natural resources. It represents a chance to reposition the country on the global energy map, at a time when new frontiers of exploration are becoming increasingly precious.

A vision for the future

With the support of the LPRA and the recognition of the African Energy Council, Liberia is positioning itself as a key player on the African energy scene. The key to this success lies in the country's ability to transform its geological potential into a flourishing oil and gas sector.

"Liberia is ready to take up the challenge and work with world leaders to open up this new energy frontier," concluded Logan. "With a clear vision and strong partners, we are confident that this recognition marks the beginning of a new era for our country."

With the future looking bright, Liberia is inviting industry players to seize this unique opportunity in an ever-changing energy landscape.