In April 2000, the Government of Liberia established the National Oil Company of Liberia (NOCAL) by signing the NOCAL Act of 2000, positioning it as the principal concessionaire for its extensive oil and gas resources. This pivotal action created a robust institution and set it up with a dual role as a regulator and a key industry player.
By 2002, the passage of the Petroleum Law laid down the first comprehensive legal framework necessary for governing the petroleum sector. The first phase focused on acquiring extensive 2D and 3D seismic data to understand the Liberia basin's regional geology thoroughly. This foundational knowledge enabled companies to secure blocks through bid rounds and Production Sharing Contracts (PSCs), demonstrating the Government's growth in managing the legal complexities of the industry.
Renewed industry interest between 2010 and 2017 led to increased exploration activity within the Liberia Basin involving major international oil companies (IOCs) such as ExxonMobil, Chevron, and Anadarko, to name a few. During that period, there was a geological discovery of hydrocarbon in the Narina-1 Well (Block LB-11). This exploration phase generated extensive 2D and 3D seismic data (by TGS, a geophysical data company based in London and Houston) and diverse geological data from exploration wells drilled during this period.
NOCAL's strategic goal is to emerge as a world-class national oil company. With an organizational structure that aligns with leading organizations globally, NOCAL is committed to fostering excellence through a focus on skilled personnel and continuous improvement and capacity development each year.