Foday B. L. Mansaray, Director General of the Petroleum Directorate of Sierra Leone (PDSL), will promote the country’s promising upstream potential and available offshore acreage at the upcoming Invest in African Energy (IAE) forum in Paris, scheduled for May 13-14, 2025.
Sierra Leone’s offshore oil potential is substantial, with government estimates placing total oil in place at 44 billion barrels, of which 15 to 20 billion barrels are considered recoverable. The oil is light and sweet, with an API ranging from 35 to 42, making it highly attractive to global investors. While Sierra Leone remains a frontier exploration market, the country has already made significant progress in its offshore exploration, with four discoveries by Anadarko (Venus-B1, Mercury-1 and Jupiter-1) and Lukoil (Savannah-1X), and extensive 2D and 3D multi-client seismic data available for further study.
IAE 2025 (https://apo-opa.co/3BUv5Bq) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Sierra Leone concluded its latest and fifth licensing round in September, offering 56 offshore blocks covering 63,000 km². The round attracted interest from three companies, with FA Oil, a subsidiary of Nigeria’s Famfa Oil, securing six oil blocks. Since the round’s closure, the PDSL has initiated direct negotiations, with a focus on smaller independent companies and national oil companies. Two supermajors have already purchased geological data, and further interest in legacy seismic data is expected.
The country’s first National Oil Company (NOC) is also in the final stages of formation. The NOC will hold a 10% stake in all exploration licenses and will play a key role in advancing Sierra Leone’s oil and gas strategy. The government aims to achieve a 25-30% stake in projects, subject to negotiation, and has established competitive fiscal terms that include stabilization clauses to protect investors.
With increasing activity in the sector, Sierra Leone is planning for its first offshore drilling campaign in 2025. Additionally, the country is pursuing plans to establish a refinery to supply its local market and reduce reliance on imported refined products, which currently average 15,000 barrels per day. This initiative is part of a broader oil and gas masterplan aimed at adding value to the nation’s resources and ensuring local benefits from the sector. Sierra Leone’s efforts to unlock its hydrocarbon potential will be a key highlight of the PDSL’s participation at the forum, showcasing the country’s promising offshore acreage and attracting investment that will drive its transformation into a major oil market.
Distributed by APO Group on behalf of Energy Capital & Power.
