Liberia has launched its 2026 oil and gas licensing round, offering 29 offshore blocks through direct negotiations as the West African country seeks to attract international energy companies and accelerate petroleum exploration.

The announcement was made on Wednesday by the Liberia Petroleum Regulatory Authority during an energy conference in Cape Town, South Africa, where the country showcased the exploration potential of its Liberia and Harper Basins.

Liberia currently has no oil production, making the development of its offshore petroleum resources a potential opportunity to attract foreign investment, expand its energy sector and generate future government revenue.

Previous Licensing Round Attracted Major Investors

Liberia's latest licensing initiative follows its 2024 auction round, during which eight production-sharing contracts were signed.

French energy major TotalEnergies secured four offshore blocks, while Nigeria's Oranto Petroleum was awarded another four.

The participation of these companies highlights the potential interest of international energy investors in Liberia's offshore resources, although further exploration and commercial discoveries will be needed before the country can establish oil production.

Harper Basin Draws Attention

The Liberia Petroleum Regulatory Authority has highlighted the Harper Basin as a promising exploration area, citing geological similarities with the petroleum system of neighbouring Ivory Coast.

Ivory Coast has attracted significant attention from the international oil and gas industry following discoveries by Italian energy company Eni, including the Baleine and Calao fields.

Liberian authorities are seeking to use these geological similarities to strengthen the case for offshore exploration and encourage companies to assess the country's petroleum potential.

However, geological similarities do not guarantee commercially viable discoveries, and Liberia's prospects will depend on exploration results, development costs and the availability of investors willing to commit capital.

Source: Reuters

Reporting: Wendell Roelf

Editing: Alexander Winning.