Published: September 26, 2025
MONROVIA — Liberia has signed four offshore production sharing contracts (PSCs) with Atlas Oranto Petroleum International Ltd., in a move officials say could further revive the country’s long-dormant oil sector and cement its position among West Africa’s emerging hydrocarbon frontiers.
The Liberia Petroleum Regulatory Authority (LPRA) announced the agreements on September 24, 2025, covering Blocks LB-15, LB-16, LB-22, and LB-24 in the Liberian Basin. The deal includes a $15 million signature bonus and strict environmental, social, and fiscal safeguards. The PSCs will only take effect after endorsement by the National Legislature and final signature by President Joseph N. Boakai.
A Decade-Long Pause Ends
The new contracts represent Liberia’s second major petroleum breakthrough in just over a week. On September 17, the government announced a landmark deal with French oil giant TotalEnergies, granting it exploration rights over four other offshore blocks. Taken together, the agreements mark the first substantive upstream activity in more than a decade.
Liberia’s petroleum sector had stalled since the early 2010s, following lackluster drilling results, global price crashes, and governance shortcomings at the now-defunct National Oil Company of Liberia (NOCAL). The industry’s revival began with a 2019 overhaul of the Petroleum Law and the establishment of LPRA as an independent regulator tasked with ensuring transparency, safety, and compliance.
“These contracts signal a strong recommitment to Liberia’s petroleum future after years of silence,” said Marilyn T. Logan, Director General of LPRA. “Atlas Oranto’s entry shows that African companies see Liberia as a viable and promising partner, and it reflects the confidence generated by reforms we have made.”
Africa’s Largest Private Player
Atlas Oranto, founded by Nigerian businessman Prince Arthur Eze, is Africa’s largest privately owned exploration and production group. With holdings in more than 20 oil blocks across a dozen countries, the company has built a reputation as a Pan-African player with both financial capacity and a record of forging partnerships with host governments.
“Liberia is not just an investment destination for us, but a partner for success,” Eze said in a statement. “We believe in Liberia’s hydrocarbon potential and are committed to contributing to job creation, skills transfer, and long-term development.”
Industry analysts say Atlas Oranto’s African roots could prove significant. Unlike many multinational firms, the company has prioritized hiring and developing local talent and supply chains, aligning with Liberia’s push for stronger local content provisions.
Complementing TotalEnergies
The Atlas Oranto contracts follow closely on the heels of the TotalEnergies agreement, signed in Paris last week. That deal—covering Blocks LB-6, LB-11, LB-17, and LB-29—was hailed by the Boakai administration as the most substantial foreign investment in Liberia’s oil sector in more than ten years.
TotalEnergies, one of the world’s leading deepwater operators, said it was returning to Liberia’s basin as part of its global diversification strategy. “These blocks hold significant potential for large-scale discoveries,” said Kevin McLachlan, the company’s senior vice president for exploration.
For Liberia, the back-to-back signings represent a dual strategy: attract international majors with advanced technology and capital while also engaging regional African players who can anchor local participation.
Boakai’s Investment Climate
President Boakai has framed the petroleum revival as central to his ARREST Agenda, which prioritizes agriculture, roads, rule of law, education, sanitation, and tourism. He has repeatedly emphasized that natural resources must be harnessed under transparent, lawful, and ethical conditions.
“In 2024, I pledged that Liberia would create an environment where investment flourishes—grounded in international best practice and strict enforcement of contracts,” Boakai said after the TotalEnergies signing. “These agreements are proof that the world is listening.”
His administration has set up a Special Presidential Committee on Oil and Gas to coordinate oversight across ministries, aiming to prevent the lapses that plagued NOCAL in the past. Civil society groups, however, have cautioned that Liberia must not repeat earlier mistakes, urging full disclosure of contract terms and revenue management.
Geological Promise
Liberia’s offshore geology is often compared with neighboring Côte d’Ivoire and the Guyana-Suriname basin, both of which have yielded multi-billion-barrel discoveries in recent years. Decades of seismic surveys in Liberian waters suggest the presence of mature source rocks and trapping systems, though commercial finds have so far remained elusive.
Exploration in the 1970s and 1980s identified hydrocarbons but not in quantities sufficient for development. The current optimism rests on new technology, modern seismic data, and fresh capital flows into frontier basins as companies seek to diversify portfolios.
“Liberia has always had the rocks. What it lacked was the regulatory stability and the right investment partners,” said an industry geologist familiar with West Africa’s offshore trends. “Now, with LPRA in place and credible operators on board, the chances of unlocking a commercial discovery are higher than ever.”
Safeguards and Local Content
Both the Atlas Oranto and TotalEnergies contracts emphasize local content and environmental stewardship. The PSCs include provisions for knowledge transfer, training programs for Liberian professionals, and supply-chain opportunities for domestic firms.
Environmental clauses require companies to adhere to international best practices for drilling and waste management, while fiscal terms mandate transparent reporting of revenues. LPRA says these safeguards will ensure that oil wealth translates into broad-based national benefits rather than elite capture.
“Liberians will not just see oil leave our shores. They will see jobs, skills, and value chains built here,” Logan said.
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