MONROVIA, LIBERIA-The new agreement signed between the Government of Liberia and Total Energies for oil exploration on four offshore blocks in the Liberian basin is estimated at eight hundred million US Dollars.

According to the National Oil Company of Liberia (NOCAL), the investments include upfront payments to the Liberian government, a signature bonus, surface rental, and social welfare contributions.

The President of NOCAL and Chief Executive Officer (CEO) Fabian Lai said,” The new investment seeks to increase revenue and create jobs for Liberians”.

Speaking on ELBC’s “Super Morning Show” program on Wednesday, September 17, 2025, Lai said data obtained by the government, through NOCAL, also reveals that Liberia has the same geological potential as Guyana, which has an estimated eleven billion barrels of oil reserve.

Meanwhile, the NOCAL CEO is calling on the National Legislature to attach urgency to the agreements to get Liberia back into the global petroleum trade for the first time in over ten years.