Sierra Leone may launch its sixth oil and gas licensing round later this year, pending the outcome of a new offshore 3D seismic survey; the country’s first in over a decade.
The survey, led by GeoPartners in partnership with the Petroleum Directorate, is aimed at reducing exploration risk in Sierra Leone’s offshore basin.
According to Petroleum Directorate head Foday Mansaray, data from the survey is currently being processed with TGS, and preliminary results will be available by October. Up to 60 offshore blocks may be offered in the next licensing round, though ultra-deepwater areas will likely remain excluded from the bid and open only to direct negotiation.
Despite past oil discoveries by companies like Anadarko and Lukoil, commercial production has yet to take off. Still, Mansaray remains optimistic, citing Sierra Leone’s estimated 30 billion barrels of recoverable offshore resources, including the sizable Vega prospect with a potential 3 billion barrels.
With growing interest from global players such as Shell, Petrobras, Hess, and Murphy Oil, Mansaray believes Sierra Leone is poised to become a significant player in West Africa’s energy landscape drawing comparisons to recent oil booms in Namibia and Guyana.
