Foday Mansaray, Petroleum Directorate of Sierra Leone (PDSL)
The Petroleum Directorate of Sierra Leone (PDSL) has announced a strategic alliance with African Energy Week (AEW): Invest in African Energy, which will occur from November 4–8, 2024. With this partnership, Sierra Leone’s energy sector achieves a significant milestone that underscores its commitment to forging international alliances and its enormous potential in the oil and gas sector.
After its fifth licensing round ended in October 2023, with 56 blocks made available and many applications from major industry players, Sierra Leone is now concentrating on stepping up its exploration efforts to find more reserves.
This offers numerous opportunities for investors hoping to get involved in the nation’s rapidly expanding oil and gas industry. During AEW: Invest in African Energy, the PDSL will provide updates on ongoing exploration activities and extend invitations to new investors interested in the high-potential market.
AEW: Invest in African Energy has become the premier platform for project operators, financiers, technology providers, and governments to engage and finalise deals in the African energy sector. For more information about this event, visit www.aecweek.com.
Three companies have pre-qualified as operators for exploration and production licenses from Sierra Leone’s fifth licensing round, a significant development supporting the discovery and development of untapped resources. Among the winners was Nigeria’s F.A. Oil, which secured licenses for six deepwater exploration blocks, signalling renewed interest and potential in the country’s upstream sector.
Despite limited drilling activities, Sierra Leone has already made notable discoveries, including the Venus-B1, Mercury-1, and Jupiter-1 wells by Anadarko Petroleum Corporation and the Savannah-1X well by LUKOIL. The country’s offshore acreage holds immense potential, supported by extensive multi-client data and favourable fiscal terms. With only eight wells drilled to date, the success of exploratory activities underscores the promising nature of Sierra Leone’s offshore acreage.
AEW: Invest in African Energy will showcase upcoming investment opportunities in the country.
Additionally, the PDSL has confirmed that Sierra Leone offers over 10,000 km2 of released 3D seismic data covering offshore areas, including previously unreleased PSDM and PSTM surveys and multi-client data encompassing the four hydrocarbon discoveries. Geological mapping efforts aim to bolster exploration endeavours in the country and further enhance its appeal as a frontier market.
“The PDSL is committed to boosting investor confidence in Sierra Leone’s oil and gas sector. Sierra Leone invites investors to capitalise on the vast opportunities available by fostering a business-friendly environment and offering favourable policies. The upcoming licensing rounds promise new avenues for exploration and discovery, solidifying Sierra Leone’s position as an attractive destination for energy investments,” remarked NJ Ayuk, Executive Chairman of the African Energy Chamber.
At AEW: Invest in African Energy 2024, the PDSL will play a vital role as an official partner, demonstrating Sierra Leone’s proactive approach to fostering international collaborations and attracting strategic investments in its burgeoning hydrocarbon sector.
