Petroleum Africa
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Friday, September 19, 2014
The date for the closing of Liberia’s licensing round, hosted by state-run oil and gas firm NOCAL, is closing in. Firms have until October 31 to submit their bids for consideration. Following the closing of the round bids will be opened in public on November 3 and the winners will be announced shortly thereafter.
NOCAL is offering four blocks: LB-06, LB-07, LB-16, and LB-17 with a total area of over 12,600 sq km. The round opened on August 5. The state-run firm has a virtual and physical data rooms open and roadshows were on the schedule for London Houston and Lagos. Prospective bidders for the Liberian round are required to pre-qualify before October 3.
The blocks included in the licensing round are comprised of four undrilled offshore petroleum exploration blocks over which TGS has comprehensive, high quality, data coverage constituting 2D on two of the blocks and 2D and 3D on the other two blocks.
Online data for Blocks LB-6, LB-7, LB-16, and LB-17 became available on August 7 and may be accessed as provided in clause 5.2 of the Bid Invitation Letter. Virtual and physical data rooms will be available to pre-qualified bidders from August 11.
Under NOCAL’s terms competing bidders must make offers based on signature bonuses as well as profit oil sharing; minimum work commitments are not negotiable and additional credit will be given for local content. NOCAL will award the blocks on behalf of the state and will enter into PSC with the successful bidder(s) for each block.
NOCAL also cited that there is a government proposal for the ‘restatement and modernization’ of Liberia’s current petroleum law, as such, NOCAL will be creating a model “Preliminary 2014 PSC” which will reflect the government’s proposals.
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