Sierra Leone signed a petroleum licence agreement with Nigeria-based Marginal Energy Limited, granting the company rights to explore and produce oil and gas offshore as the country steps up efforts to attract investment into its largely untapped upstream petroleum sector.
The licence agreement, executed through the Petroleum Directorate of Sierra Leone (PDSL), covers offshore blocks G-145, G-146, G-147, G-160 and G-161. According to a government statement, the acreage spans approximately 6,800 square kilometres in Sierra Leone’s offshore basin.
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Marginal Energy, an independent Nigerian oil and gas company, has pledged to undertake extensive seismic surveys and drilling activities under the licence. The exploration programme is expected to attract investment exceeding $225 million.
As part of the agreement, the Sierra Leonean government will retain a 10 percent carried interest in oil developments and a 5 percent stake in gas projects during
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