Sierra Leone, one of Africa’s oil frontiers, is seeking partnerships with Russian oil and gas companies to develop its huge hydrocarbon prospects, estimated at 30 billion barrels of oil and 25 trillion cubic feet of gas.
In an interview granted on the sidelines of the Russian Energy Week in Moscow on Wednesday, the Director General of the Petroleum Directorate of Sierra Leone, Foday Mansaray said the country was looking to partner with Russian companies for energy investments.
“We are here to have conversations with companies like Lukoil and other Russian IOCs to form great partnerships for Russian companies to come into Sierra Leone to help us unlock what we do have,” Mansaray said.
“Based on the prospectivity work and studies that we have done, we believe to hold about 30 billion barrels of oil in our Basin and 25 Tcf of gas. So, we need to get that to the surface.”
Sierra Leone continues to court investors
Like its neighbor Liberia, Sierra Leone continues the search for its first commercial oil, despite decades of exploration and seismic surveys that have proved more promising than actual reserves.
The country still sees itself as a frontier destination for oil and gas investment and has devised a multi-pronged strategy to attract international and regional energy companies.
The Petroleum Directorate promises investor-friendly terms and has even fast-tracked regulatory processes to reduce bureaucratic delays and enhance transparency.
Notably, the government has shortened the period from letter of intent to license to just 85 days, and is planning to launch a fresh oil and gas licensing round by the end of 2025.
That will be its sixth oil and gas round, following the fifth bid round of 2023.
Also, a new national oil company (NOC) is expected to be launched imminently to facilitate deals and manage state participation.
This move is intended to streamline operations and improve investor confidence.
Data modernisation campaigns
Sierra Leone initiated exploration activities in the mid-1980s.
Over the years, several foreign operators including Mobil, Amoco and Anadarko have drilled several largely unsuccessful wells, spanning shallow to deepwater zones.
Yet high costs and technical complexities eventually led to their abandonment.
To address this, the government has invested in modern seismic data to de-risk exploration and make Sierra Leone’s blocks more attractive to investors.
In August, UK-based consultancy GeoPartners collaborated with the Petroleum Directorate to complete a promising offshore 3D seismic survey, marking a major move in the country’s oil exploration quest.
Mansaray said, “We are on the path to unlocking our oil and gas potential. And of course, with that unlocking comes great economic benefits and industrialisation.”
“We, as a country, are open for business”, he said.
