The Government of Liberia, through the Liberia Petroleum Regulatory Authority (LPRA) has announced the execution of four Production Sharing Contracts (PSCs) with Atlas Oranto Petroleum International Ltd. (“Atlas Oranto”), covering offshore Blocks LB 15, LB 16, LB 22, and LB 24 in the Liberian Basin.
The contracts, signed under the Petroleum (Exploration and Production) Law of Liberia, ensure strict environmental and social safeguards and transparent fiscal terms, including 15 million signature bonuses that will become effective following ratification by the National Legislature and approval by President Joseph N. Boakai.
The PSCs are part of an ongoing camping to recommence exploration drilling in Liberia’s upstream petroleum sector after a decade-long pause.
Marilyn T. Logan, Director General of LPRA, described the signing as a “milestone achievement” and a vote of confidence in Liberia’s untapped hydrocarbon potential.
“Atlas Oranto’s entry into Liberia is a testament to the country’s hydrocarbon resources and our commitment to creating space for African companies to actively participate in the development of Liberia’s upstream program,” Logan stated.
“Their presence will ensure Liberians benefit not only from exploration success, but also through job creation, skills development, and knowledge transfer. This is a vital step toward sustainable and inclusive growth in our oil and gas sector.”
The contracts integrate key national priorities, including strong local content requirements, transparent revenue management, and environmental safeguards.
LPRA led the negotiations with a focus on accountability, compliance, and long-term value creation for the Liberian people.
Atlas Oranto: A Strategic Partner in Liberia’s Upstream Revival
Africa’s largest privately held exploration and production group, Atlas Oranto holds 22 licenses in over 11 African countries. It currently produces about 18,000 barrels of oil per day, with active assets in Equatorial Guinea, Nigeria, and Venezuela.
Prince Arthur Eze, Executive Chairman of Atlas Oranto, welcomed the agreement: “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.”
The Government of Liberia expects Atlas Oranto to invest over US$200 million in the exploration of the four offshore blocks, marking one of the largest prospective foreign investments in Liberia’s oil and gas sector in recent years.
The company’s African-led model aligns closely with Liberia’s ARREST Agenda, the Boakai administration’s development blueprint focused on Accountability, Rule of Law, Reconciliation, Education, Sanitation, and Tourism.
NOCAL Commends Strategic Partnerships and Technical Support
For its part, the National Oil Company of Liberia (NOCAL) has extended its appreciation to TGS, Liberia’s long-time geophysical and geological partner, who’s nearly 25 years of technical work has been instrumental in promoting Liberia’s offshore potential to international investors.
NOCAL also applauded the multi-agency negotiation team led by LPRA, which included: Hon. Fabian Michael Lai, CEO of NOCAL
Hon. Augustine Kpehe Ngafuan, Minister of Finance
Cllr. N. Oswald Tweh, Minister of Justice
Toward a New Era of Exploration
This agreement follows earlier engagements with major international oil companies, including TotalEnergies, and signals a renewed focus on exploration and drilling in the Liberian offshore basin, a region geologically similar to neighboring oil-producing zones.
Upon ratification, the contracts are expected to revitalize Liberia’s energy sector, attract further foreign direct investment, and open the door to offshore drilling operations, bringing an end to over a decade of inactivity in the upstream petroleum industry.
