Monrovia, Liberia – The 23-year cooperation between TGS NOPEC and the National Oil Company of Liberia (NOCAL) has been reinforced in an effort to assist national growth, draw in new investment, and grow the country’s energy industry. At a presentation to President Joseph Nyuma Boakai, cabinet ministers, and industry stakeholders at the Executive Mansion, acting NOCAL CEO Fabian Lai gave the update.
As a result of the collaboration, Lai stated, more than 15,000 square kilometers of multi-client 2D and 3D seismic data covering Liberia’s offshore basins had been acquired. This comprehensive survey effort has attracted the interest of both individual investors and large oil firms, positioning Liberia as a rising force in the West African energy sector.
“Under a revenue-sharing agreement with TGS NOPEC, Liberia now receives 80% of revenues from the sale of legacy 3D data,” he said. The delivery of public services and community development initiatives have been strengthened by these revenues, which have also reinforced government finances.
In his reply, President Boakai highlighted TGS NOPEC’s contribution to the development of Liberia’s frontier oil and gas sector and commended the organization for its steady collaboration. In order to strengthen its position as a responsible partner and expand its influence, the President asked the corporation to boost its Corporate Social Responsibility (CSR) efforts, citing current issues including a decrease in U.S. aid. In order to increase the scope of cooperation, he also urged more talks.
The emphasis on developing local capacity has been a defining characteristic of the NOCAL–TGS NOPEC partnership. Both parties have made investments in the professional and educational advancement of Liberians employed in the field, both domestically and externally.
CEO Lai emphasized that the cooperation is about enabling Liberians to take the lead in the nation’s energy revolution, not only about exploration and financial gain.
Through this collaboration, NOCAL’s CSR initiatives have benefited Liberian communities in real ways. CEO Lai emphasized that US$200,000 is contributed annually to social and humanitarian programs.
Among the noteworthy initiatives are the US$15,000 enlargement of the trauma unit and the remodeling of the intensive care unit (ICU) at the John F. Kennedy Medical Center.
Additional assistance includes US$142,955 in intensive care unit beds and US$60,000 in medical equipment, all of which were intended to enhance healthcare services in the capital.
Additionally highlighted were initiatives to empower women and disadvantaged populations. According to Lai, US$40,000 has been given to market women and Group of 77 members, promoting economic participation for women business owners and those with disabilities.
With an eye toward the future, CEO Lai outlined forth plans to draw in more funding, carry out further onshore geological and geophysical research, and do a feasibility assessment on building a shore base to facilitate offshore exploration. He said that these initiatives will boost local economies and create jobs.
In closing, he restated NOCAL’s dedication to making sure Liberia’s energy resources are exploited for the good of all its residents. “We are strengthening the foundation for national development with our partnership with TGS NOPEC. Our goal is to use energy to propel prosperity for generations to come,” CEO Lai stated.
