The Government of the Republic of Liberia has officially signed four Production Sharing Contracts (PSCs) with Atlas/Oranto Petroleum, marking a significant advancement in the nation’s oil and gas sector. This new agreement, similar to the earlier deal with TotalEnergies, includes a signature bonus of US$12 million, granting the international oil company exploratory rights over four offshore blocks: LB-15, LB-16, LB-22, and LB-24, each with an estimated investment value of US$200 million.
Atlas Petroleum International and Oranto Petroleum, sister companies established in 1991, are recognized for having one of Africa’s largest exploration portfolios, holding 22 licenses across more than 11 countries. With current production of approximately 18,000 barrels of oil per day from assets in Equatorial Guinea, Nigeria, and Venezuela, the group maintains a strategic balance between production and frontier exploration.
Their expansive portfolio encompasses deepwater, shallow water, and onshore acreage in key African markets, including Uganda, Zambia, and Senegal. Notably, in Equatorial Guinea, Atlas/Oranto has committed over US$350 million to the Alen Unit “backfill” gas monetization project in partnership with global energy players such as Noble Energy, Glencore, and Gunvor.
Beyond upstream operations, the group has demonstrated a strong commitment to local content and capacity building. In Uganda, Atlas/Oranto has invested in initiatives designed to empower local enterprises to participate in the oil and gas value chain.
The Liberian government, through NOCAL, extends its deep appreciation to TGS, Liberia’s long-standing geophysical and geological partner. For nearly 25 years, TGS has played a pivotal role in promoting Liberia’s subsurface potential to international oil companies, facilitating the country's securing of transformative exploration deals.
NOCAL also acknowledges the remarkable efforts and contributions of the Liberian negotiating team, which was ably led by the Liberia Petroleum Regulatory Authority (LPRA). Key members of the team included the Hon. Fabian Michael Lai, President and CEO of NOCAL; the Honorable Augustine Kpehe Ngafuan, Minister of Finance; and the Honorable Cllr. N. Oswald Tweh, Minister of Justice.
As required by law, the four PSCs will be forwarded to the Liberian Legislature for ratification. Once approved, this agreement is expected to enhance Liberia’s energy prospects while advancing H.E. President Joseph Nyuma Boakai’s ARREST Agenda for national growth and development.
