MONROVIA, LIBERIA-The Executive Branch of the Liberian Government has welcomed the landmark signing of Production Sharing Contracts between the Liberia Petroleum Regulatory Authority (LPRA) and Total Energies.

 A release said the contracts, which cover offshore blocks in the Liberian Basin, are expected to be ratified by the National Legislature and subsequently signed into law by the President.

In the release, President Boakai said,” These agreements will mark the end of a decade-long pause in Liberia’s offshore oil and gas sector and signal the country’s re-entry into the global petroleum landscape.

The release quotes President Boakai as expressing full confidence in the inter-agency negotiation team led by the LPRA and confirms the government’s readiness to sign the agreements.

President Boakai commended the LPRA for its leadership and acknowledged the contributions of the Ministries of Finance and Development Planning, Justice and Energy, as well as the National Oil Company of Liberia (NOCAL), and his special presidential committee on oil and gas.

The Liberian Leader said,” Their collective efforts ensured a transparent, rules-based process that successfully attracted a world-class operator with deeper water expertise, strong financial capacity, and a proven record of responsible operations”.