Monrovia, Liberia – June 9, 2025 – In a landmark resolution to strengthen Liberia’s vitality independence and financial prosperity, President Joseph Nyuma Boakai, Sr., has allotted 4 offshore oil blocks to the Nationwide Oil Firm of Liberia (NOCAL) with full 100% possession.
The Govt Allocation of blocks LB-10, LB-11, LB-29, and LB-31 represents a transformative step in Liberia’s vitality sector growth.
The total possession switch ensures most monetary returns for Liberia, with all future revenues from these blocks straight benefiting the Liberian folks by way of nationwide growth initiatives, infrastructure enhancements, and social applications. By sustaining full management over these assets, Liberia safeguards its long-term vitality safety and reduces dependence on international vitality imports.
The allocation creates substantial financial alternatives, together with the potential for hundreds of direct and oblique jobs in exploration, manufacturing, and associated sectors. It additionally positions NOCAL as a serious participant in Africa’s vitality panorama, attracting technical experience and worldwide partnerships that can construct native capability within the oil and fuel trade.
President Boakai has directed the Liberia Petroleum Regulatory Authority (LPRA) to right away begin the Petroleum Sharing Contracts (PSC) course of underneath strict adherence to the mannequin petroleum settlement. The mandated ten-working-day completion timeline demonstrates the administration’s dedication to environment friendly useful resource growth whereas sustaining rigorous requirements of transparency and accountability.
This resolution additionally reinforces Liberia’s sovereignty over its pure assets whereas creating a pretty funding framework. The NOCAL allocation enhances the LPRA’s regulatory oversight, establishing a balanced strategy to sector progress that prioritizes each nationwide pursuits and worldwide finest practices.
With exploration and growth of those blocks anticipated to begin following legislative approval, Liberia stands to realize transformative advantages together with elevated authorities income, expertise switch, vitality infrastructure growth, and strengthened positioning in regional vitality markets. The administration stays dedicated to making sure these assets are developed responsibly for the utmost advantage of all Liberians.
