Offshore Liberia bid round completed. Results expected soon
The National Oil Company of Liberia (NOCAL) has announced the closing of the Liberia Basin competitive bid round, as of 14 November 2014.
Bids from pre-qualified companies were opened by independent advisors EY (formerly Ernst and Young) in London on Monday 17 November in the presence of NOCAL and NOCAL’s data partners TGS Nopec.
The round comprised of four undrilled offshore petroleum exploration blocks over which TGS has data coverage constituting 2D over Blocks LB-6, LB-7 and 2D/3D over Blocks LB-16 and LB-17.
EY will provide NOCAL with an independent evaluation of the fiscal terms contained in each bid. Winners will be informed after the completion of bid evaluation, anticipated on 24 November.
NOCAL will then engage the winners to conclude Production Sharing Contracts, and once concluded, details will be announced.
“We are extremely pleased with the high level of interest and bid submissions from international and local oil companies. The success of this licensing round has demonstrated the industry’s demand for exploration opportunities in Liberia. This demand should be further satisfied with another bid round (focusing on the Harper Basin) which is planned for next year once the regulatory reform has been completed,” said Althea E. Sherman, General Counsel/Chief Operating Officer for NOCAL.