President Joseph Nyuma Boakai, Sr., has hailed the landmark signing of Manufacturing Sharing Contracts (PSCs) between the Liberia Petroleum Regulatory Authority (LPRA) and TotalEnergies, overlaying 4 offshore blocks within the Liberian Basin.
As soon as signed by the President and ratified by the Nationwide Legislature, the agreements will formally finish a decade-long pause in Liberia’s offshore oil and fuel sector. This milestone paves the way in which for the nation’s return to the worldwide petroleum stage.
Talking on the Govt Mansion, President Boakai recalled his 2024 pledge to create an funding atmosphere rooted in ethics, the rule of legislation, and worldwide greatest practices. “The execution of those agreements with TotalEnergies demonstrates that this pledge is bearing fruit,” the President acknowledged.
The President praised the interagency negotiation staff led by the LPRA for making certain a clear and rules-based course of. He counseled the collaborative efforts of the Ministry of Finance and Growth Planning, Ministry of Justice, Ministry of Mines and Vitality, the Nationwide Oil Firm of Liberia (NOCAL), and his Particular Presidential Committee on Oil & Gasoline.
President Boakai assured the general public that his Administration is able to signal the agreements and ahead them to the Legislature for scrutiny and approval. He emphasised that the contracts will probably be managed to satisfy the best requirements of security, environmental care, and native content material growth.
“Our pure assets should ship sturdy worth for the Liberian individuals,” President Boakai careworn. “These agreements will strengthen Liberia’s economic system, create jobs, construct abilities, and open alternatives that may profit generations to return.”
“At the moment, I welcomed the signing of Manufacturing Sharing Contracts between the Liberia Petroleum Regulatory Authority and TotalEnergies for 4 offshore blocks within the Liberian Basin. This can be a historic step towards reviving our oil and fuel sector after greater than a decade. As soon as despatched to the Legislature for ratification and signed, these agreements will open doorways for jobs, abilities growth, funding, and sustainable development,” the Liberian chief mentioned.
President famous, “They mirror our dedication to transparency, security, environmental care, and making certain that Liberia’s pure assets work for the advantage of our individuals. I commend the LPRA, our interagency staff, and all companions whose arduous work made this doable. Collectively, we’re charting a path the place our assets create lasting worth for each Liberian right this moment and for generations to return. That is how we Assume Liberia, Love Liberia, and Construct Liberia- one sector at a time.”
President Boakai additionally counseled the contributions of the Ministry of Finance and Growth Planning, the Ministry of Justice, the Ministry of Mines and Vitality, the Nationwide Oil Firm of Liberia (NOCAL), and his Particular Presidential Committee on Oil & Gasoline.
He highlighted that their collective efforts ensured a clear, rules-based course of that efficiently attracted a world-class operator with deepwater experience, sturdy monetary capability, and a confirmed report of accountable operations.
Wanting forward, President Boakai emphasised the federal government’s dedication to making sure exploration proceeds in accordance with the best requirements of security, environmental stewardship, native content material growth, and clear income administration.
“Our pure assets should ship sturdy worth for the Liberian individuals,” the President famous. “These agreements, when correctly managed, is not going to solely strengthen Liberia’s economic system but additionally create jobs, construct abilities, and open alternatives that may profit generations to return.”
With this historic step, Liberia strikes nearer to unlocking its offshore petroleum potential, promising a brand new chapter of funding, financial development, and sustainable growth for the nation.
