Nigerian billionaire Arthur Eze has secured 4 offshore exploration blocks in Liberia through his company, Atlas Oranto Petroleum Limited. This marks a major boost to the West African nation’s long-stalled energy sector.
Eze’s company and the Liberia Petroleum Regulatory Authority (LPRA) signed four Production Sharing Contracts (PSCs) in Paris, representing Liberia’s first major upstream oil agreements in more than 10 years.
The contracts, agreed under the Petroleum (Exploration and Production) Law of Liberia, will take effect as soon as they are ratified by the National Legislature and approved by Liberian President Joseph N. Boakai.
The deals cover offshore Blocks LB-15, LB-16, LB-22 and LB-24 in the Liberian Basin and include a $12 million signature bonus, alongside planned investments of over $200 million per block.
Reacting, LPRA Director General Marilyn T. Logan revealed that the agreement proves the company’s readiness to commit to ensuring African firms spearhead development in the continent’s upstream sector.
She stated that the deal would go a long way towards aiding the delivery of key economic benefits via employment opportunities, capacity building and the transfer of technical expertise.
“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 programme,” she said.
Atlas Oranto CEO, Prince Arthur Eze, described the deal as a long-term partnership with Liberia.
“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,” he added.
Liberia has been working on developing its offshore oil reserves for a long time, and its dream has automatically received a major boost with the emergence of Nigerian firm Atlas Oranto Petroleum as a partner.
The agreement, valued at a $12 million signature bonus, is viewed as a possible turning point for a sector that has been stagnant for years due to political uncertainty and global oil price volatility.
Liberian Officials believe that the deal would help diversify an economy that still depends on iron ore, rubber and gold.
“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,” President Boakai said at the signing ceremony in Paris.
