MONROVIA – The Liberia Petroleum Regulatory Authority (LPRA) is using an Executive Allocation (EA) process to award four (4) offshore blocks to the National Oil Company of Liberia (NOCAL) and its proposed partners.
The Executive Allocation process, like Competitive Bidding or Direct Negotiation processes, is subject to statutory pre-qualification, due diligence and other requirements of the LPRA.
Companies seeking petroleum rights through the Executive Allocation process must demonstrate the financial, technical, and legal capacity to execute petroleum operations in Liberia.
Executive Allocation is provided for under Section 14 of the 2019 Amendment to Liberia’s Petroleum (Exploration and Production) Law and forms part of the Government’s strategy to strengthen NOCAL’s institutional and commercial capacity while securing value for Liberia.
In line with Liberia’s commitment to transparency, the LPRA herewith publishes the Executive Allocation Framework and the pre-qualification requirements that will guide the evaluation of NOCAL’s proposed partners.
The process entails due diligence and approval by the LPRA, negotiation of Production Sharing Contracts involving the LPRA, Ministry of Finance, Ministry of Justice, and Liberia Revenue Authority, ratification by the National Legislature and assent by President of Liberia.
The LPRA reaffirms the Government of Liberia’s commitment to transparent petroleum governance, ensuring that Liberia’s exploration program aligns with the objectives of the Government, and continues to boost confidence in Liberia’s process for the award and management of petroleum rights.
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