Marilyn Logan, Director General of the Liberia Petroleum Regulatory Authority (LPRA), spearheaded the launch of the Invest in African Energy (IAE) reception in London on Thursday. The event aimed to spotlight Liberia’s abundant oil and gas blocks and attract global investment to the country’s burgeoning energy sector. This initiative precedes the prestigious African Energy Week: Invest in African Energy conference scheduled for November in Cape Town, organized by the African Energy Chamber (AEC).
Tapping into Liberia’s Potential
Liberia has emerged as a promising frontier for oil and gas exploration, strategically positioned along the West Africa Transform Margin. Logan highlighted geological similarities between Liberia and prolific fields like Ghana’s Jubilee and discoveries in Guyana, underscoring the nation’s readiness to play a pivotal role in the region’s energy landscape.
Attracting Global Interest
NJ Ayuk, Executive Chairman of the AEC, emphasized the transformation of perceived oil “graveyards” into thriving exploration hubs, likening Liberia’s potential to the success seen in Namibia. Major players like ExxonMobil and Chevron have confirmed Liberia’s substantial hydrocarbon reserves through recent seismic surveys and data reprocessing efforts.
Licensing Opportunities and Investment Incentives
In 2021, Liberia initiated direct negotiations for 33 offshore blocks in the Harper and Liberia basins, with plans for a new round later this year. Logan highlighted Liberia’s forthcoming 2024 licensing round as a prime opportunity for serious investors, offering incentives for early investment and ensuring substantial returns.
Supportive Regulatory Environment
Liberia boasts a competitive fiscal regime, stable governance, and a conducive operating environment, essential for attracting and retaining oil and gas investors. Logan emphasized the government’s commitment to a streamlined regulatory process and a democratic political framework that fosters sustainable economic and social benefits.
Looking Ahead
Ayuk reiterated the importance of maintaining an enabling environment that supports investment in energy projects, advocating against resource nationalism and the demonization of the energy industry.
In conclusion, Liberia’s proactive steps to showcase its oil and gas potential at international forums like the IAE reception in London position it favorably to capitalize on growing global interest and drive economic growth through sustainable energy development.
Source: africa.com
