National Oil Company Of Liberia

The National Oil Company of Liberia (NOCAL) was established in April 2000, by Liberia’s National Legislature for the purpose “….of holding all of the rights, titles and interests of the Republic of Liberia in the deposits and reserves of liquid and gaseous hydrocarbons within the territorial limits of the Republic of Liberia, whether potential, proven, or actual, with the aim of facilitating the development of the oil and gas industry in the Republic of Liberia.” Hydrocarbon exploration has been active in the Liberia basin since the 1940s. Early exploration was focused on the shelf, and though the conditions seemed right – oil shows, good quality sandstones and potential source rock – the shelf wells did not encounter commercial quantities of oil. Exploration ceased in Liberian waters due to a variety of factors, including political instability. Then, in 2001, a regional 2D survey indicated the potential of oil-bearing structures in deep water areas of up to 3000m deep. In 2000, during one of the intermittent periods of Liberia’s civil wars, TGS-NOPEC Geophysical Company, under the auspices of the newly formed NOCAL, began the acquisition of 2D seismic data on Liberia’s offshore. With the installation of a transitional government in October of 2003, NOCAL proceeded with a planned licensing round and invited international petroleum exploration companies to apply for permits to explore one of the few remaining frontier areas offshore west Africa.