–Warns Legislature Against Endorsing Corrupt US$1 Billion Sellout of Liberia’s Resources
The Solidarity and Trust for a New Day (STAND) has raised concerns over the “reckless” production sharing contract recently signed between Atlas/Oranto Petroleum and the Boakai administration, through the Liberia Petroleum Regulatory Authority (LPRA), covering offshore oil blocks LB-15, LB-16, LB-22, and LB-24.
STAND observed that the deal is a brazen attack on Liberia’s sovereignty, a blatant abuse of public trust, and a deliberate handover of the nation’s natural wealth to a private few, threatening the country’s economic future and undermining the rights of all Liberians.
“Valued at over one billion United States dollars, STAND’s investigation has uncovered that this corrupt deal was executed in secrecy, without competitive bidding, transparency, or public accountability. It represents a dangerous reversal in Liberia’s governance and natural resource management, and a blatant violation of both national and international law. STAND condemns this as a ruthless betrayal of the Liberian people—a shameless plunder by a cabal of corrupt political elites who continue to enrich themselves on the nation’s wealth while the masses languish in poverty,” STAND said in a press release.
The group stated that the Atlas/Oranto agreement, secretly negotiated and reportedly signed in Paris, France, flagrantly violates multiple Liberian laws and international transparency standards. It tramples on the principles of openness, accountability, and fair competition.
Beyond domestic violations, STAND said, the deal also contravenes Liberia’s obligations under the United Nations Convention Against Corruption (UNCAC) and the Extractive Industries Transparency Initiative (EITI) Global Standard, both of which require transparency, competitive licensing, and public accountability in natural resource contracts.
“By willfully ignoring these legal frameworks, the Boakai administration has compromised the rule of law, mortgaged the country’s future, and mocked Liberia’s commitment to good governance. This is not investment, but exploitation,” STAND added.
STAND noted with dismay that the government entered into this agreement despite Oranto Petroleum’s tainted history in Liberia. Between 2004 and 2007, Oranto acquired oil blocks LB-11, LB-12, and LB-14 through bribery and opaque negotiations, later selling them to Chevron for more than US$200 million—without drilling a single well or delivering a single benefit to Liberia.
“Today’s deal follows the same path of corruption, deceit, and elite profiteering, designed to enrich a few well-connected individuals while robbing the Liberian people of their rightful inheritance.
“Moreover, a STAND research uncovers that Oranto Petroleum has no demonstrated financial or technical capacity to conduct deepwater exploration, which typically costs US$80–200 million per well. This raises serious doubts about the company’s ability—or intention—to conduct real exploration. The pattern suggests that Oranto’s goal, once again, is to speculate and resell Liberia’s resources for profit, leaving the nation empty-handed,” the civil rights movement observed.
Consequently, STAND has called on the National Legislature to immediately reject and cancel this illegitimate and unlawful contract, in the interest of national sovereignty, transparency, and justice.
The group demanded the immediate cancellation of the Atlas/Oranto Petroleum PSC for blocks LB-15, LB-16, LB-22, and LB-24; full publication of all existing and pending production sharing contracts under the LEITI framework; an open and competitive bidding process for all future oil blocks, in strict compliance with the Petroleum Act of 2019; and an independent investigation into all officials and entities involved in negotiating and approving this illegal deal, with full legal accountability.
“Liberia’s natural resources are the collective inheritance of its people, not a private estate for corrupt elites. They must not be bartered away through secret agreements that violate the law and betray the public trust.
“The Oranto Oil Deal is a national disgrace and a criminal affront to the Liberian people. It represents the continuation of the corruption that has crippled Liberia’s development, impoverished its citizens, and eroded public confidence in government,” the STAND release further observed.