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NOCAL CEO Announces Major Oil Investment Opportunities at Africa Oil Week 2024

by Lennart Dodoo
October 10, 2024
in Business News
Reading Time: 2 mins read
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NOCAL CEO Announces Major Oil Investment Opportunities at Africa Oil Week 2024

CAPE TOWN, South Africa – The President and Chief Executive Officer (CEO) of the National Oil Company of Liberia (NOCAL), Rustonlyn Suacoco Dennis, has extended an enthusiastic invitation to international oil and gas investors, assuring them that Liberia is “ready for business” as the nation seeks to unlock its vast oil potential. Speaking at the prestigious Africa Oil Week (AOW) 2024 conference, Dennis expressed Liberia’s readiness to attract investment and its commitment to creating an enabling environment for exploration activities.

“We believe that Liberia has the best oil in Africa. It is trapped somewhere in our basin, and we want to extract it. Therefore, we are open to investors,” Dennis declared, expressing optimism about the country’s geological prospects. Liberia, according to Dennis, has immense potential in its offshore basins, which share similarities with other regions where major oil discoveries have already been made.

NOCAL, working in close partnership with global data firms TGS and Core Lab, has made significant strides in improving the clarity of Liberia’s subsurface data. Dennis revealed that the first phase of reprocessing 12,097 kilometers of 2D seismic data has been completed, enhancing the country’s ability to showcase viable exploration blocks to investors. A second phase of reprocessing an additional 12,675 kilometers is underway, bringing the total seismic coverage to over 24,700 kilometers. “This high-quality 2D seismic data is essential to allow E&P companies to evaluate exploration opportunities in a very under-explored but proven petroleum system,” Dennis said.

In an effort to offer diverse entry points into Liberia’s oil sector, NOCAL is promoting two major investment opportunities. The first option involves direct negotiations facilitated by the Liberia Petroleum Regulatory Authority (LPRA), encouraging companies to actively engage in the process of acquiring exploration blocks.

Additionally, Dennis introduced the concept of “Executive Allocation to NOCAL,” which allows potential partners to collaborate directly with the state-owned oil company. “In this option, NOCAL can divest some of its 100% interest to an interested party to work the block together. This, of course, comes with several incentives for the investing partner,” Dennis highlighted, indicating that Liberia is eager to form mutually beneficial partnerships.

Dennis also announced plans to develop a shorebase in Buchanan, Liberia’s key port city. This initiative is expected to bolster exploration efforts offshore and generate new investment opportunities. “We are also considering setting up a shorebase in the Port City of Buchanan. This will support our exploration activities offshore Liberia and open a new line of investment opportunities for Liberia,” she noted.

To further elaborate on Liberia’s oil exploration potential, Dennis extended an invitation to the National Showcase event, slated for later in the day at the Government Stage during the AOW conference. “I appreciate your interest in Liberia; we look forward to doing business with you,” she concluded.

Tags: NOCALRustonlyn Suacoco Dennis
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Lennart Dodoo

Lennart Dodoo

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