It is important that NOCAL consistent with provisions of the new petroleum law of 2014, re-engineers its organization to adopt to the new realities of being a sole enterprise and business driven entity. Thus, our strategy for the reform process can be placed under a framework with four (4) major components. These include:
1. Restructuring - Redesigning the organization with the right organizational structure that will allow the company achieve its long-term goals.
2. Rebalancing – setting up the right structures that will ensure that the organization is run without risk of irregularities. This entails the adoption of fiscal structure intended to ensure a strong financial position, building capability to manage a wider portfolio of producing assets.
3. Retooling – This involves developing the right systems, procedures and the required technology to begin adding value in the near term as well as allow scaling up in the future.
4. Repositioning – reforming the company to invest systematically and prudently in high impact initiatives with investment arrangements such as Joint Ventures (JVs) and Partnerships. This includes investing in other key areas of the Petroleum Value chain for the sole purpose of enhancing NOCAL’s profitability.
- The people of Liberia - Government of the Republic of Liberia - Government Institutions:
Ministry of Mines & Energy
Ministry of Finance
The National Legislature
Liberia Petroleum Regulatory Authority
Liberia Maritime Authority
- Local Forefront Communities
- Local Oil Companies and International Oil Companies
- Suppliers, distributors and other business partner
- Civil Society Organizations (CSOs) and Academia - The media
• Petroleum Exploration activities in Liberia began in the 1940’s with 2D seismic activities and stopped in 1972 for some years. • Between 1970 and 1972, four (4) wells were drilled in Liberia. • Reactivated in 1980 with AMOCO Liberia Exploration Company awarded four (4) offshore permits in 1983 for petroleum exploration. • Between 1983 and 1984, AMOCO shot extensive seismic and drilled three (3) exploratory wells offshore.
• Developed the New Petroleum Law of Liberia in 2000.
• Prepared the Model Production Sharing Contract (PSC) used as a basis for negotiation of Petroleum Agreements.
• In 2000, contracted TGS-NOPEC, a geophysical company based in Houston, Texas, to conduct a non-exclusive 2-D (two dimensional) seismic survey.
• Based on the TGS-NOPEC 2D seismic data, offshore Liberia was divided into seventeen (17) Offshore Blocks.
• Conducted Bid Rounds for the Licensing of the 17 Blocks.
• In 2009 a third bid round was launched for Blocks LB1 through
LB5. No awards were made.
• In 2009, TGS-NOPEC acquired 2D seismic data in the deep water of Liberia. From this data an additional thirteen (13) ultra-deep water blocks have been outlined.
• Between 2008 and 2011 non-exclusive 3D seismic data was acquired and processed by TGS-NOPEC, through pre-stack time and pre-stack depth migration.
• Selected licensees will begin their drilling program in 2011.
• In 2014 the New Petroleum Exploration and Production Law was
passed and signed into law in 2016.
• By 2016, due to down-turn in oil price, all players in the Liberia basin relinquished licensed areas.
• In December 2018, the Liberia Petroleum Regulatory Authority was activated as a result of the New Petroleum E & P Law of 2014, taking on all regulatory functions.
• In 2019, some provisions of the New Petroleum E & P Law were amended to increase block size and to include Direct Negotiations and Executive Allocation to NOCAL as ways to grant petroleum rights to companies coming into the basins..
• Preparations for Bid Rounds in 2020 well under way .