In a major boost to Liberia’s resurging oil and gas sector, Nigeria’s Atlas-Oranto Petroleum, owned by billionaire Prince Arthur Eze, has signed a landmark $800 million deal securing four offshore exploration blocks in the West African nation.
The production sharing contracts (PSCs), signed in Paris between Atlas-Oranto and the Liberia Petroleum Regulatory Authority, cover blocks LB-15, LB-16, LB-22, and LB-24.
According to a report by Upstream Online on Wednesday, each block carries an estimated investment value of $200 million, with a combined signature bonus of $12 million.
President Joseph Nyuma Boakai hailed the agreement as a pivotal moment in Liberia’s energy renaissance, following similar moves by global giants TotalEnergies and ExxonMobil.
“Our goal is to ensure Liberia’s resources are managed with transparency and responsibility,” Boakai stated.
“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.”
About Atlas-Oranto Petroleum
Atlas-Oranto is a privately held, Nigerian-owned exploration and production (E&P) group founded by Prince Arthur Eze in the early 1990s.
It is considered Africa’s largest privately-held, Africa-focused E&P group by acreage.
The Nigeria-headquartered company holds over 21 oil and gas licenses across Africa with operations across 11 African nations including Nigeria, Equatorial Guinea, Senegal, São Tomé and Principe, Uganda, Liberia, etc.
The four PSCs will now be submitted to Liberia’s national legislature in Monrovia for ratification, marking another step toward unlocking the country’s offshore energy reserves and attracting further investment to its economy.
Renewed upstream interest in Liberia
For over five decades, Liberia has witnessed a series of exploratory activities in its territorial waters but none have yielded commercial results.
Yet some foreign oil players believe the country’s neighbouring waters contain potential large-scale discoveries, including ExxonMobil and TotalEnergies
ExxonMobil returned to the country in 2023, signalling renewed international confidence in Liberia’s hydrocarbon potential after more than a decade of limited activity.
Before this Atlas-Oranto deal, TotalEnergies also secured four exploration blocks covering an area of approximately 12,700 square kilometres in the south of the Liberia Basin.
The blocks which include LB-6, LB-11, LB-17 and LB-29 were awarded by the country’s upstream regulator following the 2024 Direct Negotiation Licensing Round.
TotalEnergies, which plans to acquire a 3D survey, said the move to resume activities in Liberia is part of its corporate strategy to diversify exploration portfolio in high-potential new oil-prone basins.
