To ensure that Liberian-owned companies fully participate in the ongoing offshore petroleum licensing round, the Liberia Petroleum Regulatory Authority (LPRA) on Friday, June 5th, 2020, held a meeting with representatives of the Liberia Business Association (LIBA), Liberia Chambers of Commerce (LCC) and the Patriotic Entrepreneurs of Liberia (PATEL) to enlighten members on the processes involved, and the importance of Liberian companies actively participating in the licensing round.
The decision to involve Liberian companies in the 2020 offshore licensing round is based on President George Weah‘s policy of “Liberians will not be spectators in their own economy.” It is also based on the provisions of section 36(a) of the Amended Petroleum Law of Liberia on the indigenization mandate by the government, which sets aside a 5% mandatory interest in all petroleum agreements to companies owned by natural persons of Liberian citizenship. To adhere to the provision, LPRA is conducting pre-qualification of Liberian companies and has called for expression of interest.
At the meeting, Archie Donmo, the Director-General of the LPRA, emphasized the need for indigenous companies to participate in the petroleum sector. “I encourage everyone to take advantage of this tremendous opportunity which is potentially one of the means of promoting private sector growth in this county.”
The representatives present lauded the LPRS for the initiative and expressed their interest in working with the sector to help ensure that Liberian companies took part in the licensing round.
The pre-qualification process, which was scheduled to end on the 30th of June, has started since March 17th 2020, but due to an appeal from the Liberian business community and considering the COVID-19 pandemic that caused a state-of-emergency in Liberia, the Petroleum Authority has extended the deadline by a month to July 31st, 2020.
A question and answer session via video conferencing platform, Zoom, is also scheduled for tomorrow Friday, June 12. This will allow interested Liberian companies the opportunity to ask questions and get the appropriate information.
Nine offshore blocks are being tendered during this licensing round. The regions are Liberia’s most prospective geological regions, and they are currently the only unexplored and undrilled regions on West Africa Transformed Margin. The 2020 Liberia Offshore Licensing Round runs from April 10, 2020 – February 28, 2021.
/strong%20on%20Friday,%20June%205supth/sup,%202020,%20held%20a%20meeting%20with%20representatives%20of%20the%20strongLiberia%20Business%20Association/strong%20(LIBA),%20strongLiberia%20Chambers%20of%20Commerce/strong%20(LCC)%20and%20the%20strongPatriotic%20Entrepreneurs%20of%20Liberia/strong%20(PATEL)%20to%20enlighten%20members%20on%20the%20processes%20involved,%20and%20the%20importance%20of%20Liberian%20companies%20actively%20participating%20in%20the%20licensing%20round.a%20href=https://ibekachikwu.com/wp-content/uploads/2020/06/0ee6f9a5-7e33-4373-812e-a2fe463b5d4d.jpgimg%20class=size-medium%20wp-image-1861%20alignright%20src=https://ibekachikwu.com/wp-content/uploads/2020/06/0ee6f9a5-7e33-4373-812e-a2fe463b5d4d-300x249.jpg%20alt=%20width=300%20height=249%20//aThe%20decision%20to%20involve%20Liberian%20companies%20in%20the%202020%20offshore%20licensing%20round%20is%20based%20on%20strongPresident%20George%20Weah/strong's%20policy%20of%20emLiberians%20will%20not%20be%20spectators%20in%20their%20own%20economy./em%20It%20is%20also%20based%20on%20the%20provisions%20of%20section%2036(a)%20of%20the%20Amended%20Petroleum%20Law%20of%20Liberia%20on%20the%20indigenization%20mandate%20by%20the%20government,%20which%20sets%20aside%20a%205%%20mandatory%20interest%20in%20all%20petroleum%20agreements%20to%20companies%20owned%20by%20natural%20persons%20of%20Liberian%20citizenship.%20To%20adhere%20to%20the%20provision,%20LPRA%20is%20conducting%20pre-qualification%20of%20Liberian%20companies%20and%20has%20called%20for%20expression%20of%20interest.At%20the%20meeting,%20Archie%20Donmo,%20the%20Director-General%20of%20the%20LPRA,%20emphasized%20the%20need%20for%20indigenous%20companies%20to%20participate%20in%20the%20petroleum%20sector.em%20“I%20encourage%20everyone%20to%20take%20advantage%20of%20this%20tremendous%20opportunity%20which%20is%20potentially%20one%20of%20the%20means%20of%20promoting%20private%20sector%20growth%20in%20this%20county.”/emThe%20representatives%20present%20lauded%20the%20LPRS%20for%20the%20initiative%20and%20expressed%20their%20interest%20in%20working%20with%20the%20sector%20to%20help%20ensure%20that%20Liberian%20companies%20took%20part%20in%20the%20licensing%20round.The%20pre-qualification%20process,%20which%20was%20scheduled%20to%20end%20on%20the%2030th%20of%20June,%20has%20started%20since%20March%2017th%202020,%20but%20due%20to%20an%20appeal%20from%20the%20Liberian%20business%20community%20and%20considering%20the%20COVID-19%20pandemic%20that%20caused%20a%20state-of-emergency%20in%20Liberia,%20the%20Petroleum%20Authority%20has%20extended%20the%20deadline%20by%20a%20month%20to%20July%2031supst/sup,%202020.A%20question%20and%20answer%20session%20via%20video%20conferencing%20platform,%20Zoom,%20is%20also%20scheduled%20for%20tomorrow%20Friday,%20June%2012.%20This%20will%20allow%20interested%20Liberian%20companies%20the%20opportunity%20to%20ask%20questions%20and%20get%20the%20appropriate%20information.Nine%20offshore%20blocks%20are%20being%20tendered%20during%20this%20licensing%20round.%20The%20regions%20are%20Liberia's%20most%20prospective%20geological%20regions,%20 and%20they%20are%20currently%20the%20only%20unexplored%20and%20undrilled%20regions%20on%20West%20Africa%20Transformed%20Margin.%20The%202020%20Liberia%20Offshore%20Licensing%20Round%20runs%20from%20April%2010,%202020%20-%20February%2028,%202021.){kind=link}