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Promoting offshore acreage
MRA Online

Promoting offshore acreage

Sierra Leone on a bid to attract investors

SIERRA LEONE: After the conclusion of the fifth licensing round, which featured 56 offshore blocks, in September last year, Sierra Leone is scheduling a further round this year to feature additional available acreage.

The Petroleum Directorate of Sierra Leone (PDSL) intends to promote the country’s upstream opportunities as well as available offshore blocks at the upcoming Invest in African Energy (IAE) forum in Paris during May.

Indigenous energy company FA Oil Limited was among the winners, securing licenses for six offshore oil blocks. Furthermore, Sierra Leone has signed regional cooperation agreements with Equatorial Guinea, Angola, Ghana and The Gambia, facilitating knowledge and technology transfer and fast-tracking production when new discoveries are made.

Though considered a frontier exploration market, Sierra Leone features a working petroleum system with four significant discoveries made by Anadarko (Venus-B1, Mercury-1 and Jupiter-1) and Lukoil (Savannah-1X). Given that only eight wells have been drilled in-country, these discoveries highlight the prospectivity of Sierra Leone’s offshore acreage, supported by extensive 2D and 3D multi-client data, competitive and transparent fiscal terms, and cooperation agreements in place with other African markets.

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