Monrovia, Dec. 19 -- The Liberia Petroleum Regulatory Authority has described the ratification of several offshore petroleum contracts by the Liberian Legislature as a significant national breakthrough that positions the country to resume offshore oil and gas exploration after more than ten years of inactivity.

The ratified contracts cover offshore blocks LB-06, LB-11, LB-17, and LB-29, which were awarded to TotalEnergies EP Liberia, as well as blocks LB-15, LB-16, LB-22, and LB-24, which were awarded to Oranto Petroleum Liberia Limited.

The LPRA said the Legislature's action provides the legal foundation and certainty required for the companies to begin implementing their exploration work programs and demonstrates Liberia's readiness t...