The National Oil Company of Liberia (NOCAL) has signed a Joint Development Agreement (JDA) with the Lagos Deep Offshore Logistics Base (LADOL) to build and operate a logistics base in Buchanan. The deal aims to ensure that Liberian companies and citizens benefit from the country's oil and gas industry. NOCAL President and CEO Fabian M. Lai stated that the goal is to correct the narrative of previous drilling operations, where much of the money did not stay in Liberia.
The agreement was signed in London, with LADOL serving as the technical lead partner, funding and conducting a feasibility study, and coordinating engineering design. The study is expected to begin within 45 days and run for six months, examining land, waterfront and marine access, utilities, commercial viability, and environmental impact. A Joint Steering Committee will oversee progress, and both sides have committed to negotiating final project agreements.
LADOL Executive Chairman Sir Oladipo Ladi Jadesimi emphasized that the company sees itself as a partner in building a sustainable future for Liberia's oil and gas industry. The shorebase could ensure that Liberian businesses and workers are the primary beneficiaries of the country's natural resources. The deal follows a recent surge in activity in Liberia's offshore sector, with several production sharing contracts signed with major oil companies.
The Liberia Petroleum Regulatory Authority signed four Production Sharing Contracts with Atlas/Oranto Petroleum for offshore blocks LB-15, LB-16, LB-22, and LB-24 in September 2025. Additionally, Australia's Bounty Oil & Gas agreed to acquire the company holding exclusive rights to the LB-32 offshore block. If these companies move to drilling, they will need a base on land, which NOCAL hopes to provide in Buchanan.
Liberia has been chasing an oil discovery for over a decade, with previous drilling operations not yielding the desired results. The country is eager to emulate the exploration success of Ghana and Senegal. For residents of Buchanan, a port city that has watched iron ore and other resources pass through for decades, the question is whether this project will deliver real jobs for local people.
The feasibility study, due in roughly seven months, will be the first real test of the project's viability. NOCAL and LADOL have also signed confidentiality and non-circumvention clauses. The project's success will depend on the outcome of the study and the ability of the two companies to work together to deliver a functional logistics base.
The project has the potential to create opportunities for Liberian citizens and companies, and its success will be closely watched by the country's oil and gas industry stakeholders. The agreement between NOCAL and LADOL marks a significant step towards developing Liberia's oil and gas sector and ensuring that the country benefits from its natural resources.
Key points
- NOCAL and LADOL have signed a deal to build an oil shorebase in Buchanan, Grand Bassa County.
- The project aims to ensure that Liberian companies and citizens benefit from the country's oil and gas industry.
- The feasibility study for the project is expected to be completed in roughly seven months.
