Nigerian billionaire Arthur Eze, through his company Atlas Oranto Petroleum Limited, has acquired four offshore oil exploration blocks in Liberia, opening a new chapter for the country’s oil and gas industry.
The announcement was made following the signing of production sharing contracts between the Liberia Petroleum Regulatory Authority and Atlas Oranto. The agreements, which were finalized in Paris, cover blocks LB-15, LB-16, LB-22, and LB-24. They include a signature bonus of $12 million and a commitment to invest about $200 million per block.
President Joseph Nyuma Boakai confirmed the contracts and stated that Liberia would manage its energy resources in a way that ensures accountability. He assured that environmental protections, local involvement, and fair distribution of revenues would guide the government’s approach. The contracts are now awaiting approval by Liberia’s legislature before exploration can begin.
This development follows renewed interest in Liberia’s oil reserves. Earlier this year, TotalEnergies acquired four offshore blocks, while ExxonMobil returned to the country in 2023. For Liberia, which has had little activity in its energy sector for more than ten years, the deal with Atlas Oranto signals a possible revival.
Arthur Eze, who founded Atlas Oranto in 1991, has grown the company into one of Nigeria’s largest privately owned oil and gas firms with operations in 22 countries, including South Sudan, Senegal, Equatorial Guinea, Uganda, and Zambia. In August 2024, the company expanded beyond Africa, entering South America through a prospecting agreement with Venezuela.
Despite occasional setbacks, such as a dispute in Equatorial Guinea earlier this year over a $10 million bonus payment, Atlas Oranto continues to widen its presence across continents. The Liberian deal further strengthens the company’s influence in the global oil sector and adds to its growing list of international projects.