President Boakai Gives NOCAL Ownership to Four Strategic Oil Blocks

Monrovia, Liberia: In a milestone pronouncement aimed at strengthening Liberia’s energy independence and economic prosperity, President Joseph Nyuma Boakai has granted 100% ownership of four offshore oil blocks to the National Oil Company of Liberia (NOCAL).

The allocation of blocks LB-10, LB-11, LB-29, and LB-31 represents a transformative step in Liberia’s energy sector development.

The transfer of full ownership of the oil block will ensure maximum financial returns for Liberia, with all future revenues from these blocks directly benefiting the Liberian people through national development projects, infrastructure improvements, and social programs.

By maintaining complete control over these resources, Liberia is poised to safeguard its long-term energy security and reduce dependence on foreign energy imports.

This effort will create substantial economic opportunities, including the potential for thousands of direct and indirect jobs in exploration, production, and related sectors.

The move will also position NOCAL as a major player in Africa’s energy landscape, attracting technical expertise and international partnerships that will build local capacity in the oil and gas industry.

In this direction, President Boakai has mandated that the Liberia Petroleum Regulatory Authority (LPRA) commence the Petroleum Sharing Contracts (PSC) process in adherence to the model petroleum agreement.

The mandated ten-working-day completion timeline demonstrates the administration’s commitment to efficient resource development, which will maintain rigorous standards of transparency and accountability.

This decision also reinforces Liberia’s sovereignty over its natural resources while creating an attractive investment framework. The NOCAL allocation complements the LPRA’s regulatory oversight, establishing a balanced approach to sector growth that prioritizes both national interests and international best practices.

With exploration and development of these blocks expected to commence following legislative approval, Liberia stands to gain transformative benefits, including increased government revenue, technology transfer, energy infrastructure development, and strengthened positioning in regional energy markets.

The administration remains committed to ensuring these resources are developed responsibly for the maximum benefit of all Liberians.