The Liberia Petroleum Regulatory Authority (LPRA) and international oil company Atlas Oranto Petroleum have signed four PSCs, granting exploration rights for offshore blocks LB-15, LB-16, LB-22 and LB-24. Signed on September 17, the agreements mark a pivotal step in reviving Liberia’s oil and gas sector after more than a decade of limited activity.
The contracts include a $12 million signature bonus and commit to an estimated $200 million investment per block. Atlas Oranto Petroleum’s operations will be conducted under national laws and regulatory oversight to ensure responsible and transparent exploration.
The agreements are now subject to ratification by Liberia’s National Legislature. Once approved, they are expected to attract new investment, generate employment and advance the objectives of Liberia’s ARREST Agenda, the government’s long-term plan for sustainable growth and development.
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