President Joseph Nyuma Boakai, on Monday, June 9, 2025, boosted the management of the National Oil Company of Liberia (NOCAL) by allocating four offshore oil blocks to them with full 100 percent ownership.
The president’s gesture, according to a release, is to strengthen the country’s energy independence and economic prosperity.
The Executive Allocation of blocks LB-10, LB-11, LB-29, and LB- 31 represents a transformative step in the country’s energy sector development.
In a landmark decision, the full ownership transfer ensures maximum financial returns for the country with all future revenues from these blocks.
It will directly benefit the Liberian people through national development projects, infrastructure improvements, and social programs.
By maintaining complete control over these resources, the country safeguards its long-term energy security and reduces dependence on foreign energy imports.
The allocation creates substantial economic opportunities, including the potential for thousands of direct and indirect jobs in exploration, production, and related sectors.
It also positions 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.
According to the release, Pres. Boakai has directed the Liberia Petroleum Regulatory Authority (LPRA) to immediately commence negotiation of the Petroleum Sharing Contracts (PSCs) under strict adherence to the model petroleum sharing agreement.
The mandated ten- working-day completion timeline, the release said, demonstrates administration’s commitment to efficient resource development while maintaining rigorous standards of transparency and accountability.
This decision also reinforces the country’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, the country stands to gain transformative benefits, including increased government revenue, technology transfer, energy infrastructure development and strengthened positioning in regional energy markets,” the release said.
The administration said, it remains committed to ensuring these resources are developed responsibly for the maximum benefit of all Liberians.