MONROVIA, LIBERIA-The Executive Branch of Government has submitted to the National Legislature for ratification eight new oil production sharing contracts between the Government of Liberia and two international oil companies.

The arrangements are between the government, TotalEnergies, and Oranto Petroleum Liberia.

The deals, when ratified, will grant each company four exploration blocks along the country’s Atlantic coast.

In a letter addressed to the Speaker of the House of Representatives, Richard Koon, President Joseph Boakai craved the National Legislature’s timely ratification to add value to Liberia’s oil reserve and increase investors’ confidence.

President Boakai said,” The agreements represent Liberia’s first upstream petroleum contracts in over a decade, and signal renewed international confidence in the country’s hydrocarbon potential”.

The President added that the agreements are in full alignment with the government’s ARREST Agenda, focusing on economic revitalization, job creation, and improved social services across the country.

Meanwhile, the Plenary of the House of Representatives has instructed its relevant committees to scrutinize the document and report in two weeks.