Marginal Energy, Sierra Leone Sign $225m Offshore Oil Agreement

Published

© Adobe Stock/Passionwith
© Adobe Stock/Passionwith

Sierra Leone said on Thursday it had signed a petroleum licence agreement with Nigeria‑based Marginal Energy Limited, granting the company offshore exploration and production rights as the government seeks to revive interest in its under‑explored upstream sector.

  • The licence, signed through the Petroleum Directorate of Sierra Leone (PDSL), covers offshore blocks G‑145, G‑146, G‑147, G‑160 and G‑161, spanning about 6,800 square kilometres, according to a government statement.

  • Marginal Energy, a Nigerian independent, has committed to a seismic and drilling programme with exploration spending expected to exceed $225 million.

  • Under the agreement, the state will hold a 10% carried interest in oil projects and 5% in gas during exploration and development, with an option to acquire an additional participating interest on a paid basis of up to 9% once production begins.

  • The deal was signed at the Invest in African Energy conference in Paris, where Sierra Leone has been promoting offshore licensing opportunities to international investors.

  • Sierra Leone is preparing a new offshore licensing round using fresh seismic data to rekindle exploration interest in its frontier basin.

  • Sierra Leone President Julius Maada Bio said the agreement reflected the government’s commitment to developing petroleum resources while delivering national benefits, according to the statement.

(Reuters)

Current News

Russian Crude Production Falls Lower Amidst Global Uncertainty, Sanctions

Russian Crude Production Falls

TGS and GTI Collaborate on Seismic Acquisition

TGS and GTI Collaborate on Sei

Tupi Sets Petrobras Production Record

Tupi Sets Petrobras Production

BP awarded license for Venezuela Loran gas fields in partnership with XRG and UCC

BP awarded license for Venezue

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine