TotalEnergies Lands Four Offshore Blocks in Liberia

Totalergies has signed four decades to share production (PSCS) for exploration blocs abroad in Liberia, which represents the resumption of exploration activities in the Western country of Africa. The agreements, for the LB-6, LB-11, LB-17 and LB-29 blocks, were granted to the company after the direct negotiation license round in Liberia. The blocks are located in the southern part of the Liberia basin, which covers a combined area of ​​about 12,700 square kilometers.

This step renews the interest in the Liberia sector resulting from oil and gas. The country, which has not been not largely existing for more than a decade, seeks to attract foreign investments to develop its hydrocarbon capabilities. Through the Liberia Petroleum Agency (LPRA), the government launched a license round to restart exploration and production, with the aim of benefiting from its resources for economic development. PSCS signature with a major international operator like Totalergies as an important step in this effort is seen.

As part of the work program, Totalergies will conduct a 3D seismic survey study to better understand geology without surface and determine potential oil and gas accumulation. This type of survey is a critical first step in determining the pelvic ability before adhering to expensive drilling operations.

Kevin McCelilel, Senior Vice president of Exploration at Totalergies, said the company “is excited to be part of the resumption of exploration activities in Liberia Naval.” He pointed out that the acquisition of these blocs is in line with the company’s strategy to diversify its portfolio in what it considers “new oil ponds high -capacity”. The company’s press statement indicated that the fields “bear the great potential of the prospects that have the possibility of large -scale discoveries.”

This development is part of a broader trend for renewable exploration in the border ponds, especially in the margins of transforming West Africa, as new discoveries in nearby countries such as Cote d’Ivoire and Namibia have increased the interest of industry. For Liberia, a successful exploration program can provide a new source of revenues and contribute to its economic and social goals. However, you will need the country to move in the complications of resource management to ensure that any future production benefits its residents.

Written by Michael Kern for OilPrice.com

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