TotalEnergies Lands Four Offshore Blocks in Liberia

Core Viewpoint - TotalEnergies has signed four Production Sharing Contracts (PSCs) for offshore exploration blocks in Liberia, indicating a revival of exploration activities in the country [1][2]. Group 1: Company Actions - TotalEnergies has been awarded PSCs for blocks LB-6, LB-11, LB-17, and LB-29, covering a total area of approximately 12,700 square kilometers in the southern part of the Liberia Basin [1]. - The company plans to conduct a firm 3D seismic survey as part of its work program to assess the subsurface geology and identify potential oil and gas accumulations [3]. - Kevin McLachlan, senior vice president of exploration at TotalEnergies, expressed enthusiasm about the exploration activities in offshore Liberia, aligning with the company's strategy to diversify its portfolio in high-potential new oil-prone basins [4]. Group 2: Industry Context - The signing of PSCs with TotalEnergies is seen as a significant step in attracting foreign investment to Liberia's underexplored oil and gas sector, which has been largely dormant for over a decade [2]. - The Liberia Petroleum Regulatory Agency (LPRA) launched a licensing round to restart exploration and production, aiming to leverage hydrocarbon resources for economic development [2]. - The renewed exploration interest in Liberia is part of a broader trend in the West African Transform Margin, where new discoveries in neighboring countries have increased industry interest [4].