The Government of Sierra Leone has signed an offshore petroleum licence agreement with Nigeria-based Marginal Energy Limited, marking a significant step in efforts to revive the country’s underexplored oil and gas sector.
The agreement, executed through the Petroleum Directorate of Sierra Leone (PDSL), grants the company exploration and production rights across five offshore blocks — G-145, G-146, G-147, G-160, and G-161 — covering approximately 6,800 square kilometres.
According to official statements, Marginal Energy has committed to an extensive seismic survey and drilling programme, with total exploration investments projected to exceed US$225 million.
Under the terms of the agreement, the Government of Sierra Leone will retain a 10 percent carried interest in oil projects and 5 percent in gas during both the exploration and development phases. Additionally, the state has the option to increase its stake by up to 9 percent on a paid basis once production begins.
The agreement signals renewed momentum in Sierra Leone’s upstream petroleum sector, which has struggled in recent years to attract sustained investor interest. Officials say the partnership is expected to boost exploration activity and potentially unlock new energy resources to support long-term economic growth.
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