Nigerian billionaire Arthur Eze secures four oil blocks in Liberia

Atlas Oranto Petroleum Limited, a Nigerian independent energy company founded by Nigerian billionaire Arthur Eze, has secured four offshore exploration blocks in Liberia, a move that could reinvigorate the West African nation’s oil and gas ambitions. 

The deal comes as global energy majors return to Liberia’s waters. It follows TotalEnergies’ acquisition of four offshore blocks earlier this year and ExxonMobil’s re-entry into the country in 2023.

President Joseph Nyuma Boakai confirmed the signing of production sharing contracts (PSCs) between the Liberia Petroleum Regulatory Authority and Atlas Oranto. The agreements cover blocks LB-15, LB-16, LB-22 and LB-24. 

The contracts were signed in Paris and include a $12 million signature bonus, with planned investments of $200 million per block. Officials say the agreements could help revive Liberia’s energy sector, where activity has been limited for more than a decade.

Boakai pledges transparency and accountability

Boakai stressed that Liberia would manage its resources openly and fairly. He said the government would enforce environmental safeguards, expand local participation and ensure that revenues reach citizens. “This sector must work for the people,” he said. 

The contracts now head to the legislature in Monrovia for ratification, a step required before exploration begins.

Arthur Eze expands African and global footprint

Arthur Eze founded Atlas Oranto in 1991 and built it into one of Nigeria’s largest privately owned oil and gas companies. The group now operates in 22 countries, including Equatorial Guinea, Senegal, South Sudan, São Tomé and Príncipe, Uganda and Zambia.

But Eze has also faced challenges. In April, Equatorial Guinea pressed the company to pay a $10 million bonus tied to recovering oil blocks amid license compliance issues. Despite the setback, Atlas Oranto has pushed ahead with new projects. 

In August 2024, the firm entered South America, signing a prospecting agreement in Venezuela with Oil Minister Pedro Tellechea in the presence of President Nicolás Maduro. The deal marked Atlas Oranto’s first step into the Americas.