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

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