The Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto Petroleum International Ltd. signed four Production Sharing Contracts (PSCs) in Paris, representing Liberia’s first major upstream oil agreements in more than a decade.
The contracts, sealed under the Petroleum (Exploration and Production) Law of Liberia, will take effect once ratified by the National Legislature and approved by Liberian President Joseph N. Boakai.
They cover offshore Blocks LB-15, LB-16, LB-22 and LB-24 in the Liberian Basin and include a $12 million signature bonus, alongside planned investments of over $200 million per block.
LPRA Director General Marilyn T. Logan described the deal as a “turning point” for Liberia’s petroleum industry.
“Atlas Oranto’s entry into Liberia is a testament to the country’s hydrocarbon potential and commitment to ensuring African companies play a leading role in our upstream programme,” she said, adding that the contracts would help deliver wider economic benefits through employment opportunities, capacity building and the transfer of technical expertise.
Atlas Oranto, one of Africa’s largest privately owned oil and gas firms, operates in more than 20 countries. Its Executive Chairman, Prince Arthur Eze, framed the Liberian deal as a long-term partnership.
“We are proud to join Liberia at this historic moment. We see Liberia not just as an investment destination but as a partner for success,” he stated.
Liberia’s long-stalled ambition to develop its offshore oil reserves has received a boost with the entry of Nigerian firm Atlas Oranto Petroleum, which signed four production sharing contracts with the government last week.
The agreements, valued at a $12 million signature bonus, are seen as a potential turning point for a sector hindered for years by political uncertainty and global oil price volatility. Liberian Officials say the deal could help diversify an economy still reliant on iron ore, rubber and gold.
At the signing ceremony in Paris, President Boakai said: “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.”
Source: Africabusinessinsider
