Sierra Leone Positions Itself as West Africa’s Next Oil Frontier
Sierra Leone is making a determined push to attract international oil majors following the completion of comprehensive seismic surveys designed to unlock the country’s estimated 30 billion recoverable barrels of oil equivalent reserves.
The West African nation plans to launch a new licensing round in October based on fresh seismic data being processed with multi-client partner TGS. Several major oil companies, including Shell, Hess Corp., Murphy Oil, and Brazil’s Petrobras, have already purchased the new geological data.
Despite previous setbacks, including stalled developments of discoveries made by Anadarko and Lukoil over the past decade, Sierra Leone remains optimistic about its hydrocarbon potential. The country’s proximity to successful oil-producing neighbors Ivory Coast and Senegal, combined with similar geological characteristics, supports its exploration prospects.
Sierra Leone has streamlined its regulatory processes to attract foreign investment, promising to complete licensing procedures from letter of intent to final license within 85 days. This efficiency drive is part of a broader African trend toward exploiting natural resources as global energy demand continues to grow despite renewable energy expansion.
Source: Oilprice.com
