Sierra Leone Oil Chief to Showcase 44 Billion Barrel Potential
The country also plans to build a refinery to reduce its dependence on imported fuel, which currently averages 15,000 barrels per day.
PARIS — Sierra Leone's top petroleum official will promote the country's vast offshore oil reserves and available exploration blocks at an upcoming energy investment forum, as the West African nation steps up efforts to attract international investors, writes Winston Mwale.
Foday B. L. Mansaray, Director General of the Petroleum Directorate of Sierra Leone, will present at the Invest in African Energy forum in Paris this May, highlighting an estimated 44 billion barrels of oil in place, with up to 20 billion barrels considered recoverable.
"The oil is light and sweet, with an API ranging from 35 to 42," making it particularly attractive to global investors, according to government data.
The country recently concluded its fifth licensing round, offering 56 offshore blocks covering 63,000 square kilometres.
Nigerian company FA Oil secured six blocks, while two unnamed supermajors have purchased geological data.
Sierra Leone plans its first offshore drilling campaign in 2025 and is establishing a National Oil Company to hold a 10% stake in all exploration licenses.
The government aims to secure up to 30% project ownership through negotiations.
Previous exploration efforts have yielded four discoveries by Anadarko and Lukoil, with extensive seismic data available for study.
The country also plans to build a refinery to reduce its dependence on imported fuel, which currently averages 15,000 barrels per day.