Liberian House Sets Up Committees to Review Pres. Boakai’s Eight Oil Contracts

MONROVIA, Oct. 21– The House of Representatives has designated a joint committee to scrutinize eight Production Sharing Contracts (PSCs) recently struck between the Government of Liberia and two international oil firms. The committee has been given two weeks to review the contracts and report its findings to the Plenary.

During its third sitting on Tuesday, October 21, 2025, the House received a communication from President Joseph N. Boakai, Sr., urging the prompt ratification of the pacts. Plenary subsequently constituted a joint committee comprising the Hydrocarbon, Contracts & Monopolies, Investment & Concessions, and Judiciary committees to proactively review the agreements and report back within the stipulated timeline.

In his letter, President Boakai asked the Legislature to “kindly and expeditiously consider and ratify” the agreements, stating that they are crucial for economic improvement and job creation.

“I am pleased to transmit herewith, for the kind consideration and ratification by the the Honorable Legislature, eight (8) Production Sharing Contracts (PSCs) recently executed between the Government of the Republic of Liberia and two internationally recognized oil companies,” the President wrote.

He noted that these agreements mark a significant milestone in Liberia’s upstream petroleum sector and are the country’s first upstream petroleum agreements in over a decade, signaling renewed international confidence in Liberia’s hydrocarbon potential.

The contracts are with the following companies and blocks:

• TotalEnergies EP Liberia LLC for Liberia Offshore Blocks: LB-06, LB-11, LB-17, and LB-29.
• Oranto Petroleum Liberia Limited for Liberia Offshore Blocks: LB-15, LB-16, LB-22, and LB-24.

Pres. Boakai emphasized that the PSCs align with the Government’s ARREST Agenda for Inclusive Development (AAID), which prioritizes economic revitalization, job creation, and the enhancement of social services.

The Liberian Chief Executive also outlined the economic benefits for the country:

Annual Contribution: A payment of US$500,000 shall be made annually to the Energy Development Fund.

Annual Administrative Fee: An annual fee of US$500,000 per contract year is payable to the Liberia Petroleum Regulatory Authority (LPRA).

Signature Bonus and Milestone Payments:

For TotalEnergies EP Liberia LLC (for each of the four blocks):

• Signature Bonus: A total of US$3,000,000 (US$400,000 to LPRA and US$2,600,000 to the Government of Liberia Consolidated Fund) is payable within 30 days of the effective date.
• Milestone Payments: US$1,250,000 upon acquisition of new seismic data, and US$1,250,000 upon approval of the first exploration well.

For Oranto Petroleum Liberia Limited (for each of the four blocks):

• Signature Bonus: A total of US$1,250,000 (US$400,000 to LPRA and US$850,000 to the Government of Liberia Consolidated Fund) is payable within 120 days of the effective date.
• Milestone Payments: US$1,250,000 upon acquisition of new seismic data, and US$1,250,000 upon approval of the first exploration well.

In closing, Pres. Boakai reiterated the strategic importance of these agreements to Liberia’s economic transformation and energy future, respectfully urging the Legislature to act expeditiously on their ratification.