The Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto Petroleum International Ltd., have sealed four Production Sharing Contracts (PSCs). This marks the country’s first major upstream oil agreements in more than a decade.
The agreements were signed under the Petroleum (Exploration and Production) Law of Liberia and will come into effect once ratified by the National Legislature and approved by President Joseph N. Boakai. If finalized, they will pave the way for the resumption of exploration drilling after years of inactivity in Liberia’s petroleum sector. The contracts cover offshore Blocks LB-15, LB-16, LB-22, and LB-24 in the Liberian Basin and include a US $15M signature bonus.
LPRA Director General Marilyn T. Logan hailed the deal as a turning point. “Atlas Oranto’s entry into Liberia is a testament to the country’s hydrocarbon potential and commitment to ensuring African companies play a leading role in our upstream program,” she said, emphasizing benefits such as job creation, skills transfer, and knowledge sharing.
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National value
Atlas Oranto, Africa’s largest privately owned oil and gas company, operates across several West African states. Executive Chairman Prince Arthur Eze framed the partnership as more than a commercial investment: “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 signed PSCs include provisions on environmental and social safeguards, transparent fiscal and revenue-sharing terms, and strict local content rules to ensure Liberians directly benefit. The LPRA has stressed that regulatory oversight will focus on safe operations and maximizing national value.
Liberia has long sought to unlock its offshore oil potential, but progress stalled due to political uncertainty and global oil market volatility. The entry of Atlas Oranto, backed by African capital and regional experience, is expected to give the sector fresh momentum and reduce reliance on international oil majors.
While the US $15M bonus provides an immediate fiscal boost, the greater promise lies in diversifying an economy still heavily dependent on iron ore, rubber, and gold. Successful exploration could bring in billions in future revenues, spur infrastructure investment, and create skilled jobs. However, observers note that the real test will be Liberia’s ability to manage resources transparently, enforce environmental protections, and avoid governance pitfalls that have undermined past extractive deals.
If ratified, the contracts could trigger Liberia’s first new drilling campaign in over ten years, positioning the country as a rising player in West Africa’s oil and gas landscape. For a nation still struggling with unemployment and fiscal pressures, the agreements represent more than an oil play—they are a critical test of whether natural resource wealth can translate into inclusive economic growth.