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Liberia signs oil deals with Atlas/Oranto, promising millions in investment and jobs, despite corruption concerns.
Liberia has signed four new offshore oil exploration contracts with Nigeria’s Atlas/Oranto Petroleum, promising a $12 million to $16 million signature bonus and up to $200 million in investment per block, aiming to revive its stalled energy sector.
The deals, pending legislative approval, grant rights to blocks LB-15, LB-16, LB-22, and LB-24 and include environmental safeguards and local content requirements.
However, concerns persist due to Atlas/Oranto’s past ties to corruption allegations in Liberia, including bribery claims tied to earlier contracts and a lack of fulfillment of social commitments.
Despite these issues, the government emphasizes transparency and accountability, hoping the agreements will spur job creation, economic diversification, and long-term development under President Boakai’s ARREST Agenda.
Liberia firma acuerdos petroleros con Atlas/Oranto, prometiendo millones en inversiones y empleos, a pesar de las preocupaciones por la corrupción.