Sierra Leone has entered into a petroleum licensing agreement with Nigeria-based Marginal Energy Limited, granting the company offshore exploration and production rights as part of efforts to boost activity in its underdeveloped oil and gas sector.
The agreement was concluded through the Petroleum Directorate of Sierra Leone (PDSL) and covers offshore blocks G-145, G-146, G-147, G-160, and G-161, spanning an estimated 6,800 square kilometres.
Under the terms of the deal, Marginal Energy is expected to carry out seismic studies and drilling activities, with exploration investments projected to exceed $225 million.
The Sierra Leonean government will retain a 10 per cent carried interest in oil projects and 5 per cent in gas during both exploration and development phases. It also has the option to acquire an additional stake of up to 9 per cent on a paid basis once production commences.
The agreement was formally signed at the Invest in African Energy conference in Paris, where Sierra Leone has been actively marketing offshore licensing opportunities to attract global investors.
Officials say the partnership forms part of broader efforts to unlock offshore resources and stimulate long-term growth in the country’s energy sector.
