Boakai grants NOCAL full ownership of offshore oil blocks

Last Updated on June 10, 2025 by The Liberian Investigator

MONROVIA, Liberia — President Joseph Nyuma Boakai has awarded full ownership of four strategic offshore oil blocks to the National Oil Company of Liberia (NOCAL), marking a significant step toward national energy independence and economic revitalization.

In what is being hailed as a landmark decision, the Executive Allocation of blocks LB-10, LB-11, LB-29, and LB-31 grants NOCAL 100% control—ensuring that all future revenues generated directly benefit the Liberian people through national infrastructure, social programs, and other development priorities.

“This transformative move secures Liberia’s long-term energy security and reduces its reliance on costly foreign energy imports,” said a statement from the Executive Mansion.

The government anticipates that the allocation will open the door to thousands of jobs in exploration, production, and affiliated industries, while also establishing Liberia as a serious contender in Africa’s emerging energy market. The move is expected to attract international investors, technical partners, and build local capacity in the oil and gas sector.

President Boakai has directed the Liberia Petroleum Regulatory Authority (LPRA) to begin immediate negotiations on Petroleum Sharing Contracts (PSCs) with strict adherence to the national model. The President has set a ten-working-day deadline to finalize the negotiations, a directive that underscores his administration’s drive for transparency, efficiency, and accountability in natural resource governance.

“This is not just about oil—it’s about sovereignty, economic transformation, and long-term sustainability,” a senior official noted. The allocation enhances Liberia’s negotiating leverage and investment attractiveness, positioning the country for balanced and sustainable growth.

The NOCAL deal works in tandem with LPRA oversight, forming a framework that blends national priorities with global best practices. Once approved by the Legislature, exploration and development of the blocks could begin soon, bringing in revenues, boosting infrastructure, enabling technology transfer, and strengthening Liberia’s standing in the regional energy sector.