By Gnnliberia

Copyright gnnliberia

MONROVIA, Liberia – 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. The agreements, signed in Paris, France, grant exploratory rights over offshore blocks LB-15, LB-16, LB-22, and LB-24.

The contracts, which include a US$12 million signature bonus and an estimated investment value of US$200 million per block, represent a major step toward reviving Liberia’s oil and gas sector after more than a decade of limited activity. The deal follows a recent agreement with TotalEnergies, further signaling Liberia’s renewed commitment to engaging with credible international investors.

“Our goal is to ensure that Liberia’s resources are managed with transparency and responsibility,” President Boakai said. “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.”

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

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 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.