Gulf Oil and Gas Africa April 2020
Announcing the licensing round, President George M. Weah said that, because of the current corona virus situation, he has instructed the Liberia Petroleum Regulatory Authority (LPRA) that all initial engagement, promotional events, consultations, and business meetings relating to the Liberia Offshore License Round 2020 must be conducted online via the dedicated bid round website or other virtual platforms. There will be no physical meetings during the initial phases of the bid round until this deadly disease is defeated.The round is being launched in parallel with attractive amendments to Liberia’s Petroleum Law, following major regulatory changes in October 2019, and the extension of the exploration period, in order to attract international investors.
The Liberia License Round, 2020 will be conducted through three main stages: Pre-qualification, Bid Submission, and Bid Evaluation/Award. Beginning April 10, 2020 until 28 February 2021, companies interested in participating in the license round are required to complete and transmit a letter of expression of interest, fill out the prequalification form and ultimate beneficial ownership form as indicated in Annex 6 of the Tender Protocol for prequalification. Interested applicants can click on the ‘Get the Full Story’ link to download the Tender Protocol, Model PSC and Prequalification Form.
Nine blocks will be on offer in the Harper Basin, one of the last unexplored and undrilled regions offshore West Africa: LB-25, LB-26, LB-27, LB-28, LB-29, LB-30, LB-31, LB-32, LB-33. The new block demarcation is following the petroleum bill update in 2019, with a maximum block size of 3,500 sq kms, and aligning with the longitude and latitude grid.
TGS holds a range of multi-client data across the tendered acreage to support the licensing round:
– 5,961 kms of 2D seismic, gravity and magnetic data
– 6,167 sq kms of 3D seismic, gravity and magnetic data
Geological Insight into the Harper Basin
– The geological evolution of offshore Liberia is related to the opening of the Atlantic Ocean.
– The Harper Basin offers significant exploration potential, being the last real frontier basin of West Africa. Several sub-commercial discoveries have proven that the petroleum systems are working offshore Liberia.
– The Harper Basin has a petroleum system analogous to surrounding basins associated with the recent discoveries in Ghana, Cote d’Ivoire and also the conjugate Guyana.