The Petroleum Directorate of Sierra Leone (PDSL), the government agency overseeing the country’s petroleum resources, has joined African Energy Week (AEW): Invest in African Energies 2025 as a Strategic Partner. With AEW: Invest in African Energies serving as the continent’s premier platform for investment and energy discussions, PDSL’s partnership underscores Sierra Leone’s commitment to fostering global partnerships and highlighting its vast potential in the oil and gas industry.
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.
Sierra Leone’s significant offshore oil resources (https://apo-opa.co/42IV4Xq) position the country as an emerging frontier market. The government estimates the country’s recoverable oil resources at between 15 and 20 billion barrels of light, sweet crude, with an API ranging from 35 to 42. These factors, along with the country’s strategic location, increasing exploration activity and favorable investment climate, make Sierra Leone an attractive market for global investors.
While Sierra Leone remains a frontier exploration market, it has already made notable progress, with four significant discoveries by Anadarko and Lukoil. These include the Venus-B1, Mercury-1, and Jupiter-1 by Anadarko, and the Savannah-1X by Lukoil. Additionally, Sierra Leone offers extensive 2D and 3D multi-client seismic data, facilitating further exploration.
As part of its fifth licensing round (https://apo-opa.co/4hNQP18)– concluded in September 2023 – Sierra Leone awarded six offshore oil blocks to Nigerian exploration firm F.A. Oil, showcasing its commitment to unlocking its hydrocarbon potential while opening new investment opportunities for global investors. The licensing round featured over 63,000 km2 of highly prospective acreage comprising 56 blocks. F.A. Oil is currently seeking financial and technical partners and has undertaken a prospectivity study, revealing indications of up to 2 billion barrels of hydrocarbons in place.
Sierra Leone’s first national oil company (https://apo-opa.co/4gyoqea) (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 the country’s oil and gas industry. 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.
Looking ahead, 2025 promises to be a pivotal year for Sierra Leone’s oil and gas sector. The country is preparing for its first offshore drilling campaign and is planning to establish a refinery to reduce its reliance on imported refined products, which currently average 15,000 barrels per day. This refinery is part of a broader oil and gas masterplan aimed at adding value to the country’s resources and ensuring local benefits.
“The PDSL’s participation in AEW: Invest in African Energies 2025 is a game-changer for Sierra Leone’s role as a frontier oil market,” says Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. “This event offers Sierra Leone the opportunity to connect with key investors and partners. It’s about more than showcasing resources – it’s about building lasting, impactful partnerships that will shape the future of Sierra Leone’s energy landscape.”
Sierra Leone’s efforts to unlock its hydrocarbon resources will be a key highlight of PDSL’s participation at AEW: Invest in African Energies 2025. The event will provide the country with an important platform to present its promising offshore acreage and attract investment that will drive its transformation into a leading oil market.
Distributed by APO Group on behalf of African Energy Chamber.
