TotalEnergies has signed production-sharing contracts (PSCs) with the Government of Liberia for four offshore oil blocks. These are LB-6, LB-11, LB-17, and LB-29. They cumulatively cover a total area of approximately 12,700 square kilometers off Liberia’s Atlantic margin.
The agreements, awarded under the 2024 Direct Negotiation Licensing Round managed by the Liberia Petroleum Regulatory Authority (LPRA), marks a significant return of international oil majors to Liberia’s upstream sector. The National Oil Company of Liberia (NOCAL) and key ministries, including Finance & Development Planning and Justice, also co-signed the contracts.
TotalEnergies-Liberia Offshore Oil Blocks Contract Takeaways
Signature bonus: Approximately USD 16 million
Work program: Multi-year exploration campaign including seismic surveys and potential drilling
Local involvement: Provisions for Liberian workforce participation and capacity building
Environmental & social impact: Commitments to align with international ESG standards
Project Factsheet
Blocks Awarded: LB-6, LB-11, LB-17, LB-29
Total Area: 12,700 km²
Partners: LPRA, NOCAL, Government of Liberia
Focus: Seismic and exploratory wells
Why it Matters
The new PSCs strengthen TotalEnergies’ offshore oil and gas portfolio in West Africa. It complements its positions in Nigeria’s deepwater Egina & Akpo fields, Côte d’Ivoire’s Baleine oil & gas development, and Angola’s Block 17.
This also aligns with the French-based company’s broader exploration quests across African countries, including its recently acquired offshore exploration permit in the Republic of Congo.
The move also comes as other oil magnates such as Eni and ExxonMobil restructure their portfolios in the Gulf of Guinea.
For the West African country, the deal reawakens offshore activities after nearly a decade. LPRA has also highlighted that the deal’s revenues will contribute to financial stability, while NOCAL aims to push for local training.
Additionally, while Liberia’s offshore oil exploration push is not directly tied to renewables, TotalEnergies’ carbon-free activities across Africa cannot be understated. The company has notable solar projects in South Africa and Nigeria, but it is always shrewdly advised to never have all eggs in one basket.
TotalEnergies securing four offshore exploration blocks in Liberia also shows the dual strategy of global oil magnates. This strategy centers on maintaining exposure to high-value hydrocarbon resources like oil and gas while investing aggressively in renewable assets globally.
