Arthur Eze's Atlas Oranto Seals $800m Oil Deal in Liberia, Boosting Sector

Nigerian billionaire Arthur Eze's company, Atlas Oranto Petroleum Limited, secures an $800 million oil deal in Liberia after a move in Venezuela. The deal involves four oil blocks in Liberia, marking the country's first major upstream oil deal in a decade.

The Production Sharing Contracts (PSCs) were signed in Paris, with plans to invest $200 million per block alongside a $12 million signature bonus. This agreement, facilitated by the Liberia Petroleum Regulatory Authority, is seen as a significant milestone for Liberia's oil sector, promising economic benefits, job opportunities, and technology transfer.

Atlas Oranto, a major player in Africa's oil and gas industry, aims to contribute to Liberia's oil sector development.