Liberia Awards Four Offshore Oil Blocks to Nigeria's Atlas-Oranto Petroleum in Major Energy Sector Revival Push

Landmark Agreement Signed in Paris

In a significant move to revitalize its energy sector, Liberia has awarded four offshore oil exploration blocks to Atlas-Oranto Petroleum, a Nigerian independent energy company. The Production Sharing Contracts (PSCs) for blocks LB-15, LB-16, LB-22, and LB-24 were officially signed in Paris, France, marking a pivotal step for the West African nation's hydrocarbon ambitions.

The agreement includes a US$12 million signature bonus paid by Atlas-Oranto Petroleum to Liberia. Furthermore, the contracts entail an estimated investment of US$200 million per block, totaling approximately US$800 million across the four blocks.

Revitalizing Liberia's Oil and Gas Sector

This latest development is seen as a crucial effort to reignite Liberia's oil and gas industry, which has experienced over a decade of limited activity. The signing follows closely on the heels of a recent agreement with TotalEnergies for other offshore blocks, signaling a renewed interest from international and regional players in Liberia's deepwater potential.

President Joseph Nyuma Boakai, Sr., welcomed the signing, emphasizing the government's commitment to responsible resource management. He stated, '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.' The President highlighted that the deal aligns with his administration's ARREST Agenda for national growth and development.

Atlas-Oranto's Expansion and Future Steps

Atlas-Oranto Petroleum, founded in 1991 by Nigerian billionaire Arthur Eze, is a privately held African oil group with operations in several countries across the continent. The company's expansion into Liberia reflects a broader trend of Nigerian independents extending their footprint into underexplored basins in West Africa.

The initial phase of the exploration program is expected to include seismic surveys and preliminary development studies. As required by Liberian law, the four Production Sharing Contracts will now be forwarded to the National Legislature for ratification. Once approved and signed by the President, these agreements are anticipated to boost investment, create employment opportunities, and contribute to Liberia's long-term economic transformation.