-President Boakai Hails Landmark Agreements with TotalEnergies, Commits to Prompt Ratification
MONROVIA — President Joseph Nyuma Boakai, Sr. today, Tuesday, September 16, celebrated the historic signing of Production Sharing Contracts (PSCs) between the Liberia Petroleum Regulatory Authority (LPRA) and energy giant TotalEnergies, covering four offshore blocks in the Liberian Basin.
The agreements, pending ratification by the Legislature and the President’s signature, will end a decade-long hiatus in Liberia’s offshore oil and gas sector and mark the country’s strategic re-entry into the global petroleum industry.
“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 remarked.
He added, “The execution of these agreements with TotalEnergies demonstrates that this pledge is bearing fruit.”
Background: TotalEnergies and Liberia’s Oil Sector
TotalEnergies, the French multinational oil and gas company, has maintained a notable presence in Liberia’s energy landscape for several decades, primarily in the downstream sector through fuel distribution and retail operations. The company’s upstream activities in Liberia have been limited but strategically significant, particularly as Liberia seeks to unlock its offshore oil and gas potential.
Liberia’s offshore basin, part of the larger West African Transform Margin, is considered highly prospective for hydrocarbons. However, exploration activities have historically been intermittent due to various challenges including regulatory uncertainty, infrastructure gaps, and global market dynamics.
Following years of stalled development, Liberia’s oil and gas sector entered a new phase of optimism in 2024 when President Boakai’s administration launched a renewed push to attract international investment. This included reforms to regulatory frameworks and strengthened oversight through the Liberia Petroleum Regulatory Authority.
The signing of these Production Sharing Contracts with TotalEnergies is a milestone that signals Liberia’s commitment to responsibly develop its offshore resources in partnership with experienced operators. TotalEnergies brings deepwater expertise, financial capacity, and a global reputation for operational excellence, which are critical for success in the complex and capital-intensive upstream sector.
Coordinated Government Efforts
President Boakai expressed confidence in the interagency negotiation team led by the LPRA and reaffirmed his Administration’s readiness to sign the agreement and promptly submit them to the National Legislature for public scrutiny and ratification.
He commended the LPRA for its effective leadership and acknowledged the vital 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 emphasized that their coordinated efforts ensured a transparent, rules-based process that attracted a world-class operator with deepwater expertise, robust financial capacity, and a proven commitment to responsible operations.
Looking Ahead
Looking forward, the President underscored his Administration’s commitment to ensuring that exploration under these contracts adheres 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,” President Boakai stressed. “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.”
