The National Oil Company of Liberia (NOCAL) Tuesday announced that the Liberia Basin 2014 competitive bid round has closed.
A press release issued in Monrovia says bids from pre-qualified companies were opened by independent advisors EY (formerly Ernst and Young) in London on Monday, 17 November in the presence of NOCAL and NOCAL data partners TGS/Nopec. EY will now provide NOCAL with an independent evaluation of the fiscal terms contained in each bid.
The release quotes NOCAL Chief Operating Officer, Cllr Althea Sherman, who is coordinating the bid round as saying: “We are extremely pleased with the level of interest and bid submissions from international and local oil companies. "
"The success of this licensing round demonstrates the industry’s demand for exploration opportunities in Liberia. We look forward now to our advisors EY concluding their bid evaluation and then moving the process forward towards completion.”
As scheduled, winning bidders are expected to be notified by 24th November. NOCAL will then engage the winners to conclude production sharing contracts (PSCs), and once concluded details will be announced. The Liberia Basin bid round offered four undrilled offshore blocks (LB-6, LB-7, LB-16 and LB-17).