Liberia’s Offshore Potential Gets Boost

Monrovia — In presentation at the Executive Mansion over the weekend, Fabian Lai, Acting CEO of the National Oil Company of Liberia (NOCAL), delivered a comprehensive progress report on NOCAL’s groundbreaking partnership with global geological and geophysical leader TGS NOPEC to President Joseph Nyuma Boakai, cabinet ministers, and industry leaders.

This transformative 23-year collaboration has positioned Liberia as West Africa’s most promising energy frontier while setting equitable resource development benchmarks.

According to the Acting CEO, the strategic partnership has resulted in the acquisition of an extensive multi-client 2D and 3D seismic survey program, covering over 15,000 square kilometers of Liberia’s offshore basins. This has positioned Liberia as a promising player in the energy sector, attracting interest and investment from supermajors and independent oil companies.

Lai emphasized the partnership’s economic impact, stating that Liberia currently receives 80% of revenues from legacy 3D data sales. This revenue-sharing model has significantly bolstered the government’s financial resources, allowing for enhanced public services and community development.

In response, President Joseph Boakai lauded TGS NOPEC for its enduring partnership and highlighted its significant role in the country’s frontier oil and gas industry and national development.

Underscoring the difficult circumstances faced by the country, particularly regarding the reduction in USAID aid, the Liberian leader proffered the need for increased CSR contributions in order to solidify TGS NOPEC as a responsible partner. President Boakai further mandated a follow-up with TGS NOPEC on increasing its CSR contributions, while also exploring additional avenues for collaboration.

A cornerstone of the collaboration has been its focus on capacity building and local empowerment. NOCAL, together with TGS NOPEC, has committed to funding the education and professional development of Liberian staff both domestically and internationally, ensuring that local talent is nurtured and retained within the industry. In his presentation, Lai indicated that the partnership is not just about data and profits, but also about empowering the people and building a future where Liberians lead their energy sector.

Additionally, the Corporate Social Responsibility initiatives undertaken by NOCAL as a result of this partnership demonstrate a profound commitment to the community. Lai revealed annual contributions of US$200,000 for social and welfare programs. Notable projects supported by these funds include the renovation of the Intensive Care Unit (ICU) and the expansion of the trauma unit at the John F. Kennedy Medical Center, with a total investment of US$15,000.

Moreover, the provision of medical equipment valued at US$60,000 and the acquisition of ICU beds costing US$142,955 have greatly contributed to enhancing healthcare services in the capital.

Lai highlighted the support for market women and the Group of 77 by providing US$40,000 towards initiatives that benefit women entrepreneurs and the disabled, ensuring that the economic empowerment of communities is paramount.

Looking to the future, Lai shared his leadership’s plans to attract additional investment with the anticipated executive allocation and conduct further geological and geophysical studies onshore. Plans are also underway to conduct a feasibility study on constructing a shore base to support offshore exploration activities, which will undoubtedly create jobs and stimulate local economies.

NOCAL’s acting CEO reaffirmed his team’s unwavering commitment to leveraging its partnership with TGS NOPEC for the collective benefit of all Liberians.

He emphasized their determination to ensure that the energy sector transforms into a cornerstone of national development, paving the way for prosperity and growth for future generations.

With these initiatives, the partnership between NOCAL and TGS NOPEC continues to set a benchmark for corporate collaboration in Liberia, blending technological growth with sustainable development and community empowerment.

By New Dawn.