Sierra Leone to Promote Offshore Oil Opportunities at Invest in African Energy Forum

Sierra Leone will showcase its offshore oil licensing and 2025 drilling plans at the Invest in African Energy forum in Paris. The country estimates significant oil reserves, with a strategic focus on attracting international investment and building its first National Oil Company. Plans include an inaugural offshore drilling campaign and constructing a refinery to reduce reliance on imports.

On May 13-14, 2025, at the Invest in African Energy forum in Paris, B. L. Mansaray, Director General of the Petroleum Directorate of Sierra Leone (PDSL), will showcase Sierra Leone’s significant offshore licensing opportunities and developmental plans for the oil sector. The country is poised to attract international investors to its promising upstream oil potential.

Sierra Leone’s offshore oil reserves are estimated at 44 billion barrels, with 15 to 20 billion barrels classified as recoverable. The crude oil is characterized as light and sweet, possessing an API gravity between 35 and 42, making it highly appealing to potential investors. The nation is emerging as a frontier exploration market, having already achieved notable success with four discoveries made by Anadarko and Lukoil.

The Fifth licensing round, concluded in September, saw the offering of 56 offshore blocks spanning an area of 63,000 km². This round garnered interest from multiple companies, leading to FA Oil securing six blocks. Since its conclusion, the PDSL has engaged in direct negotiations, particularly targeting smaller independent firms and national oil companies, with two supermajors acquiring geological data.

Sierra Leone is in the later stages of establishing its first National Oil Company (NOC), which will hold a 10% interest in exploration licenses. The government endeavors for a 25-30% stake in various projects, which is subject to negotiation, and has established attractive fiscal terms including stabilization clauses for investor protection.

As the oil sector activity intensifies, the country plans to embark on its inaugural offshore drilling campaign in 2025. Furthermore, Sierra Leone is working on constructing a refinery to meet its domestic market’s needs and lessen dependency on imported refined products, which average around 15,000 barrels per day. This refinery initiative is integral to a comprehensive oil and gas masterplan, aimed at maximizing the advantages of the nation’s resources.

In summary, Sierra Leone is poised to showcase its offshore licensing opportunities and drilling initiatives at the upcoming Invest in African Energy forum. The government is actively engaging potential investors, presenting a promising environment for exploration and production, reinforced by the establishment of a National Oil Company and strategic fiscal provisions. These efforts signal a bright future for Sierra Leone as it seeks to capitalize on its hydrocarbon resources and establish a robust oil and gas sector.

Original Source: africanminingmarket.com