On Thursday, April 24, Sierra Leone has signed a petroleum licence agreement with Marginal Energy Limited, granting the firm offshore exploration and production rights as part of efforts to revitalise its underdeveloped upstream sector.
The deal, facilitated through the Petroleum Directorate, covers five offshore blocks spanning approximately 6,800 square kilometres. Marginal Energy has committed to a seismic and drilling programme, with projected investment exceeding $225 million.
Under the agreement, Sierra Leone will retain a 10 per cent carried interest in oil projects and 5 per cent in gas during exploration, with an option to increase its stake once production begins.
President Julius Maada Bio said the agreement reflects the government’s resolve to harness petroleum resources for national development. The deal was signed at an energy investment conference in Paris, as the country prepares to launch a new offshore licensing round to attract further investors.