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Sunday, November 15, 2015
The licensing round in Liberia that closed in November 2014 has not paid to many dividends for the country, with some of the firms awarded blocks failing to pony up the funds needed. The government negotiated with Kosmos Energy for one of the blocks to make up for some of the funds it lost when NOCAL awarded blocks to companies that could not come up with the money needed to take control of the assets.
Liberia’s president, Ellen Sirleaf-Johnson, was quoted as saying in mid-2014 that NOCAL would “bear the penalty” for “mishandling the sector” after negotiations with oil companies of questionable reputation. Little known of companies like Liberty Petroleum and A-Z Petroleum failed to come up with the $25 million in cash for the four licenses they were awarded in the licensing round.
During the auction Kosmos offered less money than Liberty and A-Z and was set aside by the Liberian government. “In the midst of all that is unfolding, Kosmos has come up to say that it is willing to rescue both Liberty and A-Z and honestly if I had my wish I would go with Kosmos because it is a strong American company that can do the work,” Sirleaf told Front Page Africa.
NOCAL, in a statement assured Liberians that Kosmos brings some respectability to Liberia’s underexplored basin. “We want our people to know that Kosmos is ready to invest in pre exploration and exploration activities regardless of the weak oil prices and the reduction of recent industry-wide exploration projects for offshore West Africa.”
PSCs with Kosmos, for blocks 6 and 7, are being considered for ratification by the National Legislature of Liberia. The company wants Liberians to know the facts about Kosmos and what the team of “oil finders” brings to the country’s exploration program. “We want our people know that Kosmos is ready to invest in exploration and is not bothered by weak oil prices and the failure of recent industry-wide exploration offshore West Africa.”
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