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President Boakai Welcomes New Petroleum Agreement with Oranto; Pledges Responsible Development of Liberia’s Resources

The Executive Mansion

Executive Mansion, 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 value of US$200 million per block, represent an important step in reviving Liberia’s oil and gas sector after more than a decade of limited activity. They follow a recent agreement with TotalEnergies and further demonstrate Liberia’s readiness to responsibly engage credible investors.

β€œOur 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.

Atlas/Oranto, a privately held African oil group founded in 1991, operates in several African countries. In Liberia, the company’s activities will be guided strictly by national laws and oversight to guarantee responsible exploration.

The Government of Liberia, through the National Oil Company of Liberia (NOCAL), expressed appreciation to TGS, its long-standing geophysical and geological partner, for nearly 25 years of support in promoting Liberia’s offshore potential.

President Boakai also commended the efforts of the Liberian negotiating team, led by the LPRA, and with the participation of:

β€’ Hon. Fabian Michael Lai, President & CEO of NOCAL
β€’ Hon. Augustine Kpehe Ngafuan, Minister of Finance and Development Planning
β€’ Hon. Cllr. N. Oswald Tweh, Minister of Justice

As required by law, the four PSCs will now be forwarded to the National Legislature for ratification. Once approved and signed by the President, they are expected to boost investment in Liberia’s energy sector, create jobs, and contribute to the long-term goals of President Boakai's ARREST Agenda for national growth and development.