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The Sierra Leone Petroleum Directorate (PDSL) has taken a significant step towards boosting the country’s oil and gas sector by forging a key partnership with African Energy Week (AEW) – Invest in African Energy.
This collaboration, kicking off in November 2024, marks a pivotal moment for Sierra Leone’s energy landscape.
The partnership underscores Sierra Leone’s commitment to forging strong international ties and showcasing its vast potential in the oil and gas industry, while promoting sustainability practices.
Sierra Leone recently concluded a successful fifth licensing round in October 2023, attracting applications from prominent players for 56 available blocks. This achievement intensifies the nation’s exploration efforts and unlocks numerous investment opportunities for players interested in the West African oil and gas market.
During AEW, the PDSL will provide updates on ongoing exploration initiatives and extend an invitation to new investors to join this high-potential market. AEW itself is a premier platform for project operators, financiers, technology providers, and governments, and has established itself as the go-to venue for signing energy deals in Africa.
The fifth licensing round saw a significant milestone with three companies pre-qualifying as operators for exploration and production licenses. This includes Nigeria’s F.A. Oil, awarded licenses for six deepwater blocks, signifying renewed industry interest and the potential within Sierra Leone’s upstream sector.
Despite limited drilling activity, Sierra Leone holds immense offshore potential, bolstered by extensive multi-client data and attractive fiscal terms. The country boasts notable discoveries like the Venus-B1, Mercury-1, and Jupiter-1 wells by Anadarko Petroleum Corporation, and the Savannah-1X well by LUKOIL. Only eight wells have been drilled to date, yet exploration success highlights the promising nature of Sierra Leone’s offshore acreage. AEW will be a platform to showcase upcoming investment opportunities and further propel the sector’s viability.
The PDSL emphasizes the availability of over 10,000 km2 of released 3D seismic data covering offshore areas. This includes previously unreleased data and multi-client data encompassing the four existing hydrocarbon discoveries. Additionally, ongoing geological mapping efforts will further enhance the country’s attractiveness as a frontier market for exploration.
NJ Ayuk, Executive Chairman of the African Energy Chamber, reaffirms their commitment to driving initiatives that bolster investor confidence in Sierra Leone’s oil and gas sector. With a focus on fostering a business-friendly environment, Sierra Leone welcomes investors to capitalize on its favorable policies and the vast opportunities it presents. Upcoming licensing rounds promise fresh prospects for exploration and discovery, solidifying Sierra Leone’s position as a prime destination for energy investments.
