President Joseph Nyuma Boakai, Sr., has hailed the landmark signing of Production Sharing Contracts (PSCs) between the Liberia Petroleum Regulatory Authority (LPRA) and TotalEnergies, covering four offshore blocks in the Liberian Basin.
Once signed by the President and ratified by the National Legislature, the agreements will officially end a decade-long pause in Liberia’s offshore oil and gas sector. This milestone paves the way for the country’s return to the global petroleum stage.
Speaking at the Executive Mansion, President Boakai recalled his 2024 pledge to create an investment environment rooted in ethics, the rule of law, and international best practices. “The execution of these agreements with TotalEnergies demonstrates that this pledge is bearing fruit,” the President stated.
The President praised the interagency negotiation team led by the LPRA for ensuring a transparent and rules-based process. He commended the collaborative efforts of the Ministry of Finance and Development Planning, Ministry of Justice, Ministry of Mines and Energy, the National Oil Company of Liberia (NOCAL), and his Special Presidential Committee on Oil & Gas.
President Boakai assured the public that his Administration is ready to sign the agreements and forward them to the Legislature for scrutiny and approval. He emphasized that the contracts will be managed to meet the highest standards of safety, environmental care, and local content development.
“Our natural resources must deliver durable value for the Liberian people,” President Boakai stressed. “These agreements will strengthen Liberia’s economy, create jobs, build skills, and open opportunities that will benefit generations to come.”
“Today, I welcomed the signing of Production Sharing Contracts between the Liberia Petroleum Regulatory Authority and TotalEnergies for four offshore blocks in the Liberian Basin. This is a historic step toward reviving our oil and gas sector after more than a decade. Once sent to the Legislature for ratification and signed, these agreements will open doors for jobs, skills development, investment, and sustainable growth,” the Liberian leader said.
President noted, “They reflect our commitment to transparency, safety, environmental care, and ensuring that Liberia’s natural resources work for the benefit of our people. I commend the LPRA, our interagency team, and all partners whose hard work made this possible. Together, we are charting a path where our resources create lasting value for every Liberian today and for generations to come. This is how we Think Liberia, Love Liberia, and Build Liberia- one sector at a time.”
President Boakai also commended 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 his Special Presidential Committee on Oil & Gas.
He highlighted that their collective efforts ensured a transparent, rules-based process that successfully attracted a world-class operator with deepwater expertise, strong financial capacity, and a proven record of responsible operations.
Looking ahead, President Boakai emphasized the government’s commitment to ensuring exploration proceeds according to the highest standards of safety, environmental stewardship, local content development, and transparent revenue management.
“Our natural resources must deliver durable value for the Liberian people,” the President noted. “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.”
With this historic step, Liberia moves closer to unlocking its offshore petroleum potential, promising a new chapter of investment, economic growth, and sustainable development for the nation.
