3.125
%
Neutral
69
mm boe
0
%
Regular Ebola outbreaks and governance concerns have hampered progress, but there are signs of improvement under President Boakai, and the government is seeking to revive offshore licensing. Outlook maintained because improvement is gradual. Outlook: Neutral. Risk premia unchanged at 3.125%.
October 7, 2026
Africa - West
mm bbl
bcf
Western Africa, bordering the North Atlantic Ocean, between Cote d'Ivoire and Sierra Leone.
PSC/PSA
Relatively simple Production Sharing Contract ("PSC")-based fiscal regime, based on a model contract introduced in 2004. There are no signature bonuses, but the contractor must pay a fee into a Hydrocarbon Development Fund. There are typically no royalties. Cost recovery is negotiable, whilst production splits vary on a sliding scale with production rates. The contractor is also liable for income tax, but this may be paid on its behalf by the NOC.
President Joseph Boakai took office in 2024, and the economy is supported by an IMF programme, iron ore and gold. US and UK guidance cite corruption, weak courts, land disputes and poor infrastructure. Liberia has no oil production; its offshore basins remain underexplored, with the government seeking to revive licensing interest.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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