Foday B. L. Mansaray, the Director General of the Petroleum Directorate of Sierra Leone (PDSL)Sierra Leone is poised to make significant strides in the energy sector as it prepares to highlight its offshore oil licensing opportunities and upcoming drilling plans at the Invest in African Energy (IAE) Forum in Paris on May 13-14, 2025. Foday B. L. Mansaray, the Director General of the Petroleum Directorate of Sierra Leone (PDSL), will represent the country, emphasizing its potential as a burgeoning exploration hub in the African energy landscape.
The offshore oil potential of Sierra Leone is considerable, with government estimates indicating a total of 44 billion barrels of oil in place. Of this, an impressive 15 to 20 billion barrels are deemed recoverable. The oil produced in the region is characterized as light and sweet, boasting an API gravity ranging from 35 to 42. This quality makes it particularly attractive to global investors looking for profitable opportunities in the energy sector.
Despite being classified as a frontier exploration market, Sierra Leone has already achieved notable progress in offshore exploration activities. Key discoveries have been made by major players such as Anadarko, with notable finds including Venus-B1, Mercury-1, and Jupiter-1, alongside Lukoil’s Savannah-1X well. Additionally, the availability of extensive 2D and 3D multi-client seismic data positions Sierra Leone as an appealing destination for further exploration and investment. The IAE 2025 Forum serves as an exclusive platform designed to foster investment between African energy markets and international investors.
The event promises two days of intensive engagement, bringing together industry experts, project developers, investors, and policymakers to explore the immense potential of Africa’s energy sector. Interested parties can find more information at www.Invest-Africa-Energy.com, and those looking to participate as delegates or sponsors can reach out to sales@energycapitalpower.com. Sierra Leone’s recent fifth licensing round, which concluded in September, saw the offering of 56 offshore blocks encompassing an impressive 63,000 square kilometres. This round generated interest from three companies, with FA Oil, a subsidiary of Nigeria’s Famfa Oil, successfully securing six oil blocks.
Following the closure of the licensing round, the PDSL has embarked on direct negotiations, particularly targeting smaller independent companies and national oil companies. Notably, two supermajors have already acquired geological data, and further interest in legacy seismic data is anticipated. A significant development in Sierra Leone’s oil and gas strategy is the formation of the country’s first National Oil Company (NOC), which is currently in its final stages.
The NOC will hold a 10% stake in all exploration licenses and is expected to play a pivotal role in advancing the country’s oil and gas initiatives. The government is also aiming to secure a 25-30% stake in various projects, contingent upon negotiations. To attract investors, Sierra Leone has established competitive fiscal terms, which include stabilization clauses designed to protect their interests. With the energy sector experiencing heightened activity, Sierra Leone is gearing up for its inaugural offshore drilling campaign in 2025.
This marks a significant milestone in the country’s efforts to tap into its hydrocarbon resources. In addition to drilling, Sierra Leone is actively pursuing plans to establish a refinery aimed at supplying the local market and reducing its dependence on imported refined products, which currently average around 15,000 barrels per day.
This refinery initiative is part of a broader oil and gas master plan designed to add value to the nation’s resources and ensure that local communities benefit from the sector’s growth. Sierra Leone’s participation at the IAE Forum will highlight the country’s promising offshore acreage and its commitment to attracting investment that will catalyze its transformation into a major player in the oil market. As the nation seeks to unlock its hydrocarbon potential, the upcoming forum represents a critical opportunity for Sierra Leone to showcase its strategic vision and engage with potential investors who can help drive its energy ambitions forward.
