By: Trokon Wrepue – trokon1992seokin@gmail.com
MONROVIA – President Joseph Nyuma Boakai, Sr., today celebrated a landmark milestone in Liberia’s energy sector with the signing of Production Sharing Contracts (PSCs) between the Liberia Petroleum Regulatory Authority (LPRA) and global energy giant TotalEnergies.
The agreements cover four offshore blocks in the Liberian Basin and, once ratified by the National Legislature and signed by the President, will mark Liberia’s official return to the global petroleum market after more than a decade-long hiatus.
“In 2024, I invited world-class energy companies to Liberia and pledged that under my leadership, the country would provide an environment where investment flourishes—anchored in ethics, the rule of law, international best practices, and strict enforcement of contracts to protect all stakeholders,” President Boakai said.
“The execution of these agreements with TotalEnergies demonstrates that this pledge is bearing fruit.”
The President expressed confidence in the LPRA-led interagency negotiation team and affirmed his administration’s readiness to sign the contracts and transmit them to the National Legislature for public scrutiny and ratification.
President Boakai also commended the contributions of the Ministry of Finance and Development Planning, the Ministry of Justice, the Ministry of Mines and Energy, the National Oil Company of Liberia (NOCAL), and his Special Presidential Committee on Oil & Gas.
He highlighted that their collective efforts ensured a transparent, rules-based process that successfully attracted a world-class operator with deepwater expertise, strong financial capacity, and a proven record of responsible operations.
Looking ahead, President Boakai emphasized the government’s commitment to ensuring exploration proceeds according to the highest standards of safety, environmental stewardship, local content development, and transparent revenue management.
“Our natural resources must deliver durable value for the Liberian people,” the President noted. “These agreements, when properly managed, will not only strengthen Liberia’s economy but also create jobs, build skills, and open opportunities that will benefit generations to come.”
With this historic step, Liberia moves closer to unlocking its offshore petroleum potential, promising a new chapter of investment, economic growth, and sustainable development for the nation.
