IPNEWS: The Liberia Petroleum Regulatory Authority (LPRA)commends the Liberian Legislature for ratifying the petroleum contracts for LB-06,LB-11,LB-17,and LB-29 with TotalEnergies EP Liberia, and LB-15,LB-16,LB-22,and LB-24 with Oranto Petroleum Liberia Limited.
These contracts represent a significant step,in more than a decade,to restart offshore exploration in Liberia.And they are the direct result of President Boakai’s 2024 invitation and pledge to energy companies that Liberia would provide an environment anchored in ethics,law,best practice,and contract enforcement.
Through these contracts Liberia secured—before any discovery-US$27 million in signature bonuses,more than US$14.6 million in surface rentals,and annual payments for training,social programs,customs,and hydrocarbon development.Most IMPORTANLTY. the contracts help Liberia explore for and hopefully find oil.
The LPRA reaffirms confidence in the capacity of both TotalEnergies and Oranto to execute theirrespective work programs.We equally assure Liberians that this confidence wil be matched with oversight.The LPRA will ensure full compliance with all obligations, including work commitments and performance guarantees,while providing the necessary regulatory support—within the bounds of the law-that enable TotalEnergies and Oranto to deliver on their respective commitments.
The LPRA extends appreciation to the Ministry of Justice,the Ministry of Finance,the Ministry of Mines and Energy,the National Oil Company of Liberia (NOCAL),and the Special Presidential Committee on Oil and Gas for the cooperation and strong support it received from the licensing round through negotiations,and ratification.
Building on this collaboration,the LPRA will continue to work with all stakeholders to attract additional operators to Liberia’and to lay the groundwork for possible discoveries and the long-term economic benefits it comes with for Liberians.
About the LPRA: LPRA is the independent regulatory of Liberia’s upstream petroleum sector,responsible for conducting bid rounds,leading negotiation of petroleum contracts and licensing and administering petroleum contracts.
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