Liberia’s dormant oil industry is set for revival after Nigerian businessman Prince Arthur Eze secured rights to four offshore exploration blocks through his company, Atlas Oranto Petroleum Limited.

The deal, signed last week in Paris with the Liberia Petroleum Regulatory Authority (LPRA), represents the country’s first major upstream agreement in more than ten years. Under the terms, Atlas Oranto will pay a $12 million signature bonus and commit more than $200 million in investment for each of the four blocks—LB-15, LB-16, LB-22, and LB-24—located in the Liberian Basin.

The contracts will take effect once endorsed by Liberia’s legislature and approved by President Joseph N. Boakai. At the signing ceremony, Boakai emphasized that the agreement would be implemented under strict environmental and governance standards, ensuring that local communities benefit through jobs, training, and transparent revenue management.

Marilyn T. Logan, LPRA’s Director General, described the move as a “turning point” for the sector, noting that Atlas Oranto’s involvement demonstrates Liberia’s potential to attract African-led investment in oil and gas.

For Eze, whose company already operates in more than 20 countries across Africa, the deal underscores his strategy of expanding into frontier markets. Atlas Oranto is currently active in energy projects from South Sudan to Senegal, and the Liberian investment further strengthens its footprint on the continent.

This is not Eze’s first foray into Liberia’s petroleum landscape. In 2010, he acquired three oil blocks which he later sold to Chevron, earning a substantial return. His renewed presence in the country signals long-term interest and confidence in Liberia’s untapped resources.

If successful, the $800 million venture could reshape Liberia’s economy, which has historically depended on commodities such as rubber, gold, and iron ore. Officials hope it will not only diversify revenue streams but also build technical expertise within the country’s workforce.

“We are proud to partner with Liberia at this pivotal moment,” Eze said after signing the contracts. “This is not just an investment, but a shared journey toward prosperity.”