Liberia’s President Boakai Hands Strategic Oil Blocks to National Company in Historic Move
Monrovia – In a groundbreaking decision that could reshape Liberia’s energy future, President Joseph Nyuma Boakai, Sr. has just allocated four offshore oil blocks to the National Oil Company of Liberia (NOCAL) with complete 100% ownership rights.
The Executive Allocation covers blocks LB-10, LB-11, LB-29, and LB-31, marking a transformative moment for the West African nation’s energy independence. This unprecedented move ensures that all future revenues from these strategic blocks will flow directly to the Liberian people through national development projects and infrastructure improvements.
President Boakai has issued urgent directives to the Liberia Petroleum Regulatory Authority (LPRA) to begin the Petroleum Sharing Contracts process immediately, with a strict ten-working-day deadline. The allocation is expected to create thousands of jobs and position NOCAL as a major force in Africa’s energy sector.
This bold step reinforces Liberia’s sovereignty over its natural resources while establishing an attractive framework for international partnerships. Legislative approval is now pending as the nation prepares for what could be its most significant economic transformation in decades.
Source: liberianobserver.com
