Nigerian billionaire Arthur Eze is set to invest $800 million in four offshore oil blocks in Liberia through his company, Atlas Oranto Petroleum Limited, breathing new life into the country’s dormant energy sector.
The Liberia Petroleum Regulatory Authority (LPRA) and Atlas Oranto inked four Production Sharing Contracts (PSCs) in Paris, marking Liberia’s first major upstream oil deals in over a decade. Covering Blocks LB-15, LB-16, LB-22, and LB-24 in the Liberian Basin, the contracts include a $12 million signature bonus and a planned $200 million investment per block. The agreements, signed under Liberia’s Petroleum Law, await ratification by the National Legislature and approval from President Joseph N. Boakai to take effect.
LPRA Director General Marilyn T. Logan called the deal a “game-changer” for Liberia’s petroleum industry. “Atlas Oranto’s investment signals confidence in our hydrocarbon potential and prioritizes African-led development,” she said, highlighting job creation, skill-building, and technical expertise transfer as key benefits for Liberians.
Atlas Oranto, one of Africa’s biggest privately owned oil and gas companies, operates in over 20 countries. Its Executive Chairman, Arthur Eze, described the deal as a long-term commitment. “Liberia isn’t just a place to invest—it’s a partner for progress,” he said.
Reviving Liberia’s Oil Ambitions
The contracts come as a lifeline for Liberia’s oil sector, stalled for years by political instability and fluctuating global oil prices. Officials see the deal as a step toward diversifying an economy heavily dependent on iron ore, rubber, and gold. At the Paris signing, President Boakai emphasized transparency and accountability. “We’ll manage our resources responsibly, with strong environmental standards and local participation to ensure Liberians reap the rewards,” he said.
Eze’s Growing Empire
Atlas Oranto is no stranger to bold moves. In 2010, Eze snapped up three Liberian oil blocks for $200,000 each, flipping them to Chevron later that year for over $250 million. With operations spanning Equatorial Guinea, Senegal, South Sudan, Uganda, São Tomé and Príncipe, Zambia, and beyond, Eze’s latest Liberian venture cements Atlas Oranto’s clout in Africa’s energy markets and its push into global frontier regions.
