Sierra Leone Signs $225M Oil Deal with Nigeria's Marginal Energy

Sierra Leone has entered into a $225 million offshore oil deal with Nigeria-based Marginal Energy, formalized through a petroleum license agreement. This agreement, signed by the Sierra Leone Petroleum Directorate (PDL), covers offshore blocks G 145, G 146, G 147, G 160, and G 161, spanning a total area of 6,800 square kilometers.

The government of Sierra Leone aims to revive interest in its upstream sector through this deal, which includes a commitment from Marginal Energy to conduct a seismic drilling program and invest over $225 million in exploration. Under the terms of the agreement, the Sierra Leone government will hold a 10% carry interest in the oil project and has the option to acquire an additional 5% participation interest once production begins.

The deal was signed during the Invest in African Energy Conference held in Paris, where Sierra Leone promoted its offshore licensing opportunities to international investors.