President Joseph Nyuma Boakai, Sr. has announced the signing of Production Sharing Contracts (PSCs) between the Liberia Petroleum Regulatory Authority (LPRA) and TotalEnergies for four offshore blocks in the Liberian Basin. The agreements, which are pending ratification by the National Legislature and final signature by the President, would mark Liberia’s return to offshore oil and gas activity after a ten-year hiatus.
“In 2024, I invited world-class energy companies to Liberia and pledged that under my leadership, the country would provide an environment where investment flourishes—anchored in ethics, the rule of law, international best practices, and strict enforcement of contracts to protect all stakeholders,” President Boakai said.
He continued, “The execution of these agreements with TotalEnergies demonstrates that this pledge is bearing fruit.”
President Boakai stated his confidence in the interagency negotiation team led by LPRA and confirmed his administration’s readiness to sign and forward the agreements to the legislature for review and ratification.
He acknowledged several government bodies for their roles in reaching this stage: “I commend the LPRA for its leadership and acknowledge the contributions of the Ministry of Finance and Development Planning, the Ministry of Justice, the Ministry of Mines and Energy, the National Oil Company of Liberia (NOCAL), and my Special Presidential Committee on Oil & Gas.”
Boakai highlighted that their combined efforts enabled a transparent process that attracted a global operator with expertise in deepwater operations as well as financial capacity.
Looking ahead, he affirmed a commitment to high standards during exploration activities if ratified: “Our natural resources must deliver durable value for the Liberian people,” he said. “These agreements, when properly managed, will not only strengthen Liberia’s economy but also create jobs, build skills, and open opportunities that will benefit generations to come,” Boakai concluded.