Welcomes New Petroleum Agreement with Oranto
New York, USA – President Joseph N. Boakai has praised the Liberia Petroleum Regulatory Authority (LPRA) and Atlas/Oranto Petroleum for signing four Production Sharing Contracts (PSCs) that offer exploration rights over offshore blocks LB-15, LB-16, LB-22, and LB-24.
The contracts, which come with a US$12 million signing bonus and an anticipated investment value of US$200 million per block, are a significant step toward revitalizing Liberia’s oil and gas industry following over ten years of low activity, according to a statement from the Executive Mansion. It additionally demonstrate Liberia’s willingness to engage respectable investors in a responsible manner and come in line with a recent deal with TotalEnergies.
“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 said.
Established in 1991, Atlas/Oranto is a privately held African oil corporation that conducts business in multiple African nations. To ensure responsible exploration, the company’s operations in Liberia will be closely governed by national regulations and oversight.
Through the National Oil Company of Liberia (NOCAL), the government of Liberia conveyed gratitude to TGS, its longstanding geological and geophysical partner, for its assistance in advancing Liberia’s offshore potential over the past 25 years.
President Boakai additionally hailed the Liberian negotiation team’s efforts, which were headed by the LPRA and included NOCAL President and CEO Fabian Michael Lai, Finance and Development Planning Minister Augustine Kpehe Ngafuan, and Justice Minister Cllr. N. Oswald Tweh.
The four PSCs will now be sent to the National Legislature for ratification, as mandated by law. They are anticipated to increase investment in Liberia’s energy industry, generate employment, and support President Boakai’s long-term objectives of the ARREST Agenda for national growth and development once they are authorized and signed by the president.
