New York, USA – The Liberia Petroleum Regulatory Authority (LPRA) and the multinational energy behemoth TotalEnergies signed Production Sharing Contracts (PSCs), marking a significant turning point in the country’s energy industry, which was commemorated by President Joseph Nyuma Boakai, Sr.
After more than ten years, Liberia will formally rejoin the world petroleum market once the agreements, which include four offshore blocks in the Liberian Basin, are approved by the National Legislature and signed by the president.
“In 2024, I invited world-class energy companies to Liberia and pledged that under my leadership, the country would provide an environment where investment flourishes anchored in ethics, the rule of law, international best practices, and strict enforcement of contracts to protect all stakeholders. The execution of these agreements with TotalEnergies demonstrates that this pledge is bearing fruit.“ President Boakai said.
The President affirmed that his Administration is prepared to sign the agreements and forward them to the National Legislature for appropriate public review and ratification. He expressed complete confidence in the joint negotiation team headed by the LPRA.
In addition to praising the LPRA for its leadership, President Boakai recognized the efforts of his Special Presidential Committee on Oil & Gas, the Ministry of Mines and Energy, the Ministry of Justice, the Ministry of Finance and Development Planning, and the National Oil Company of Liberia (NOCAL).
He emphasized that they worked together to guarantee an open, rule-based procedure that successfully drew in a top operator with extensive experience, substantial financial resources, and a track record of ethical operations.
In terms of the future, President Boakai stated that his Administration is dedicated to making sure that exploration under these contracts proceeds in accordance with the strongest safety, environmental, local participation, and revenue management standards after they are ratified and signed.
The President stressed that “our natural resources must deliver durable value for the Liberian people. When properly managed, these agreements will not only strengthen Liberia’s economy but also open up opportunities, build skills, and create jobs that will benefit future generations.”
Photo credit: Executive Mansion
