By: Trokon Wrepue – trokon1992seokin@gmail.com
Monrovia – President Joseph Nyuma Boakai, Sr., has welcomed the signing of four Production Sharing Contracts (PSCs) between the Liberia Petroleum Regulatory Authority (LPRA) and Atlas/Oranto Petroleum, granting exploratory rights over offshore blocks LB-15, LB-16, LB-22, and LB-24. The signing ceremony took place in Paris, France.
The contracts, which include a signature bonus of US$12 million and an estimated investment of US$200 million per block, mark a significant step toward revitalizing Liberia’s oil and gas sector after over a decade of limited activity.
They follow a recent agreement with TotalEnergies and underscore Liberia’s readiness to engage credible investors responsibly.
“Our goal is to ensure that Liberia’s resources are managed with transparency and responsibility.
These contracts will be implemented with strict standards of environmental protection, strong local participation, and clear accountability so that Liberians benefit directly from the opportunities created,” President Boakai said.
Atlas/Oranto, a privately held African oil group founded in 1991, operates in several African countries. Its activities in Liberia will be closely guided by national laws and oversight to guarantee responsible exploration practices.
The Government of Liberia, through the National Oil Company of Liberia (NOCAL), also expressed appreciation to TGS, its geophysical and geological partner for nearly 25 years, for supporting the promotion of Liberia’s offshore potential.
President Boakai commended the Liberian negotiating team, led by the LPRA, including Hon. Fabian Michael Lai, President & CEO of NOCAL; Hon. Augustine Kpehe Ngafuan, Minister of Finance and Development Planning; and Hon. Cllr. N. Oswald Tweh, Minister of Justice, for their roles in securing the agreements.
In accordance with Liberian law, the four PSCs will now be submitted to the National Legislature for ratification.
Once approved and signed, the contracts are expected to attract substantial investment, create jobs, and contribute to the long-term objectives of President Boakai’s ARREST Agenda for national growth and development.
