— President Boakai Welcomes Investment, Promises Transparency and Accountability
MONROVIA – The Government of Liberia has signed four landmark Production Sharing Contracts (PSCs) with Atlas/Oranto Petroleum, granting the African oil giant exploratory rights over offshore blocks LB-15, LB-16, LB-22, and LB-24. The signing, held in Paris, France, marks a major step toward reviving Liberia’s long-dormant oil and gas sector.
The agreements carry a combined signature bonus of US$16 million and potential investment of US$200 million per block, underscoring renewed confidence in Liberia’s energy sector. They follow a recent deal with TotalEnergies and signal the Boakai administration’s push to attract credible international partners to fuel national growth.
President Joseph Nyuma Boakai hailed the development as a milestone for his government’s ARREST Agenda, pledging that Liberia’s natural resources would be managed with transparency and accountability.
“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,” the President said.
Africa’s Largest Indigenous Oil Group Expands Footprint
Atlas Petroleum International and Oranto Petroleum, privately held sister companies founded in 1991, are among Africa’s most prominent exploration players. With operations in 11 countries and 22 licenses, their portfolio spans deepwater, shallow water, and onshore acreage in markets including Nigeria, Uganda, Zambia, and Senegal.
The group currently produces about 18,000 barrels of oil per day from assets in Equatorial Guinea, Nigeria, and Venezuela, and has invested heavily in Africa’s energy infrastructure. In Equatorial Guinea, for instance, Atlas/Oranto committed over US$350 million to a gas monetization project alongside global partners Noble Energy, Glencore, and Gunvor.
The company is also known for its local content initiatives, having funded programs in Uganda to empower small businesses to participate in the oil and gas value chain — a model expected to guide its engagement in Liberia.
Negotiating Team and Legislative Review
The four PSCs were negotiated by the Liberia Petroleum Regulatory Authority (LPRA) with support from the National Oil Company of Liberia (NOCAL) and key ministries. The team included:
- Hon. Fabian Michael Lai, President & CEO of NOCAL
- Hon. Augustine Kpehe Ngafuan, Minister of Finance and Development Planning
- Hon. Cllr. N. Oswald Tweh, Minister of Justice
As required by law, the contracts will now be forwarded to the National Legislature for ratification. Once approved and signed by the President, they are expected to open new opportunities for job creation, infrastructure development, and revenue generation.
Appreciation for Partners
The Government extended special thanks to TGS, Liberia’s long-standing geophysical and geological partner, for nearly 25 years of support in promoting the country’s offshore potential to international oil companies.
Officials say the new contracts reflect Liberia’s readiness to responsibly re-enter the global oil and gas market after years of limited activity. “With these agreements, Liberia is positioning itself as a serious player in the region’s energy sector,” a senior NOCAL official noted. “If ratified, they could be transformative for the country’s economy.”
