Liberian President George Weah announced Monday that the West African country will in April launch a call for bids to resume offshore oil and gas exploration after years of stagnation.
In his annual state of the nation address to parliament, Weah said “Nine offshore blocks will be put up, allowing competent and reputable international oil and gas companies to bid with the hope of recommencing exploration programs, following years of inactivity.”
The basin where the nine new blocs are located is part of the remaining region off the coast of western Africa which has yet to be explored for potential reserves, according to experts.
The football star-turned-president has been under pressure as the country grapples with rampant inflation and anti-government demonstrations in the capital Monrovia to protest the economic downturn.
Liberia’s economy was already decimated after back-to-back civil wars and the 2014-2016 Ebola crisis.