Boakai Allocates Four Offshore Oil Blocks to NOCAL, Boosting Energy Sovereignty

By: TPA Business Desk | editor@thepointafricanews.com

MONROVIA — In a landmark energy sector shift, President Joseph Nyuma Boakai, Sr. has granted full ownership of four strategic offshore oil blocks to the National Oil Company of Liberia (NOCAL), positioning the state-owned entity at the forefront of Liberia’s energy development agenda.

The Executive Allocation covers oil blocks LB-10, LB-11, LB-29, and LB-31. According to official information from the Executive Mansion, this allocation grants NOCAL 100 percent ownership and control over future revenues derived from the blocks. The decision is part of President Boakai’s broader strategy to strengthen national control over Liberia’s natural resources and reduce the country’s dependence on imported energy.

Officials say that all revenues from these oil blocks will directly benefit the Liberian people through investments in infrastructure, education, and social programs. The Boakai administration views the move as a turning point in ensuring Liberia’s long-term energy security while fostering inclusive economic growth. With exploration and development of the blocks expected following legislative approval, authorities anticipate the creation of thousands of direct and indirect jobs across the oil value chain.

In a follow-up directive, President Boakai has instructed the Liberia Petroleum Regulatory Authority (LPRA) to begin the Petroleum Sharing Contracts (PSC) process within ten working days. This process must align with the country’s model petroleum agreement and uphold international best practices for transparency and accountability. The rapid timeline is seen as a reflection of the government’s intent to accelerate resource development without compromising regulatory standards.

While the decision has been hailed by some as a bold move toward national resource sovereignty, it has also raised concerns among transparency advocates. Critics point to the potential risks of bypassing broader consultation and legislative scrutiny, which they argue are essential to ensure public trust and safeguard against future disputes.

Nonetheless, the Boakai administration insists that the allocation complements LPRA’s regulatory role and provides a streamlined framework for attracting technical partnerships that will enhance local expertise and infrastructure capacity. As NOCAL takes on its expanded role, Liberia now faces a critical phase in translating this resource control into long-term national benefit.