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lain Esau

Africa Correspondent

West African nation's E&P renaissance continues as Atlas-Oranto agrees $12 million signature bonus

Nigeria's Atlas-Oranto Petroleum has been awarded four exploration blocks offshore Liberia as the West Africa country's E&P renaissance gains ground.

The news comes just days after TotalEnergies secure a quartet of offshore blocks in the Liberia basin and after ExxonMobil returned to the country in 2023 when it picked up four exploration blocks.

President Joseph Nyuma Boakai welcomed the signing of four production sharing contracts (PSCs) between the Liberia Petroleum Regulatory Authority and Atlas-Oranto, covering blocks LB-15, LB-16, LB-22, and LB-24.

Signed in Paris, the contracts, which include a signature bonus of $12 million and an estimated investment value of $200 million per block, is another important step in reviving Liberia’s oil and gas sector after more than a decade of limited activity.

“Our goal is to ensure 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,” said Boakai.

The four PSCs will now be forwarded to the national legislature in Monrovia for ratification.