Monrovia – The Home of Representatives has accepted two main oil exploration agreements involving TotalEnergies and Oranto Petroleum. Lawmakers reached the choice late Thursday via majority votes.
TotalEnergies Oil Deal
TotalEnergies, a significant world vitality firm headquartered in France, signed 4 Manufacturing Sharing Contracts (PSCs) for offshore exploration blocks LB-6, LB-11, LB-17, and LB-29 within the Liberian Basin. These contracts have been awarded beneath the 2024 Direct Negotiation Licensing Spherical.
The agreements purpose to revive exploration actions in Liberia’s deepwater basins via seismic surveys and the potential drilling of wells. TotalEnergies brings vital technical experience and funding power, marking the primary main worldwide upstream engagement in Liberia in additional than a decade.
The deal is seen as a significant step towards revitalizing Liberia’s dormant oil sector, attracting international funding, and strengthening native content material participation and environmental safeguards.
Oranto Petroleum Oil Deal
Atlas/Oranto Petroleum Liberia Restricted, a subsidiary of the Nigerian-linked Oranto Petroleum group, signed PSCs for 4 offshore blocks — LB-15, LB-16, LB-22, and LB-24 — which embrace signature bonuses and commitments to undertake exploration actions.
Background & Controversy
Oranto beforehand held Liberian oil blocks however transferred them to Chevron with out drilling, elevating considerations concerning the firm’s capability, tax compliance, and general observe file. Critics have additionally questioned the transparency and phrases of the brand new agreements.
The deal has sparked public debate, with rising requires larger transparency and assurances that the agreements will ship significant advantages to Liberia.
