Towards significant development for the oil and gas sector in Sierra Leone, F.A. Oil Limited, a company owned by Nigerian billionaire and Africa’s wealthiest woman, Folorunso Alakija, has secured exploration rights in six offshore oil blocks.

This achievement follows the formal issuance of a Petroleum Licensing Agreement by the Government of Sierra Leone.

Julius F. Sandy, Secretary to Sierra Leonean President Julius Bio, revealed in an official statement that the license agreement was successfully signed in the capital city of Freetown on December 4, 2023. The statement, titled ‘Award of Petroleum Licence to F.A. Oil Limited,’ conveyed the Government’s decision to grant exploration rights for offshore Blocks 53, 54, 55, 71, 72, and 73 to F.A. Oil Limited.

Highlighting the importance of this collaboration, the notice emphasized the confidence that F.A. Oil Limited has in the leadership of President Julius Maada Bio and the Republic of Sierra Leone. It stated, “The expression of interest by F.A. Oil Limited is a reflection of the continued confidence the investment community has in the Republic of Sierra Leone under the leadership of H.E President Julius Maada Bio.”

The announcement underlined the broader implications of this partnership, describing it as “another level of cooperation opportunity between the Federal Republic of Nigeria and the Republic of Sierra Leone.” This collaboration is expected to enhance economic ties and contribute to the national transformation agenda of Sierra Leone.

The signing ceremony, which took place in Freetown, was attended by key representatives of F.A. Oil Limited and Sierra Leone’s government. Apostle Folorunso Alakija, the Chief Executive Officer and Chairman of F.A. Oil Limited, expressed her gratitude for the opportunity to participate in Sierra Leone’s Oil and Gas landscape. She assured that the Petroleum Licence Agreement would lead to a mutually beneficial outcome for both parties.

Describing the event as a defining moment in Sierra Leone’s petroleum resource development, the statement highlighted the promise that this agreement holds for advancing the government’s national transformation agenda. It also reaffirmed the government’s commitment to involving the right players at the right time to ensure the successful development of the country’s petroleum resources.

As F.A. Oil Limited and its Related Company are recognized brands in the Gulf of Guinea region, with existing producing assets in the deep waters off the coast of Nigeria, this collaboration adds a new dimension to the company’s regional footprint. The successful conclusion of Sierra Leone’s Fifth Licensing Round and the subsequent signing of the Petroleum Licence Agreement mark a positive stride toward the exploration and development of offshore oil blocks in the region.

The award of exploration rights to F.A. Oil Limited signifies a strategic move in the oil and gas sector, fostering economic cooperation between Sierra Leone and Nigeria. As both nations look forward to the promising outcomes of this venture, the successful negotiation and signing of the licence agreement underscore the confidence and commitment of key stakeholders in Sierra Leone’s national development.