The government has signed a landmark offshore oil agreement with Nigeria’s Marginal Energy at the Invest in African Energy Forum in Paris, securing rights over five offshore blocks spanning 6,800 km².
The deal establishes a structured exploration period of up to seven years, backed by a $225 million investment in exploration activities. Officials highlighted the potential for job creation, technology transfer, and increased foreign direct investment.
Energy analysts say the agreement positions the country as a competitive player in offshore exploration, with prospects for boosting reserves and strengthening its energy security.
It is important to note that Sierra Leone’s signing of the $225M offshore oil deal with Nigeria’s Marginal Energy is a landmark step toward revitalizing its petroleum sector, attracting foreign investment, and positioning the country as a future oil producer. The agreement secures exploration rights over five offshore blocks and ensures government participation in potential discoveries.
The $225 million commitment from Marginal Energy signals strong investor confidence in Sierra Leone’s offshore reserves.
This is one of the largest upstream investments in Sierra Leone’s history, expected to stimulate economic activity and create jobs.