Sierra Leone’s Petroleum Directorate (PDSL) has confirmed its official partnership with African Energy Week (AEW): Invest in African Energy – scheduled for November 4–8, 2024. This collaboration signifies a pivotal moment in Sierra Leone’s energy sector, underscoring its commitment to forging global partnerships and showcasing its vast potential in the oil and gas industry.
Sierra Leone concluded its fifth licensing round in October 2023. Offering 56 blocks, the round saw several applications made by prominent players, enabling Sierra Leone to intensify its exploration endeavors with the aim of uncovering additional finds. As such, numerous opportunities are available for investors interested in the West African nation’s oil and gas sector. During AEW: Invest in African Energy, the PDSL will provide an update on ongoing exploration initiatives while inviting new investors to join the high-potential market.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and governments and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
Three companies pre-qualified as operators for exploration and production licenses for the country’s fifth licensing round, a milestone set to support the discovery and development of untapped resources. Among the winners was Nigeria’s F.A. Oil, which was awarded licenses for six deepwater exploration blocks. This signals renewed interest and potential in the country’s upstream sector.
As a frontier exploration market in West Africa, Sierra Leone has already made notable discoveries, including the Venus-B1, Mercury-1, and Jupiter-1 wells by Anadarko Petroleum Corporation and the Savannah-1X well by LUKOIL. Despite limited drilling, the country’s offshore acreage offers immense potential, supported by extensive multi-client data and favorable fiscal terms. Only eight wells have been drilled to date, and yet, exploratory success demonstrates the prospectivity of offshore acreage. During AEW: Invest in African Energy, upcoming investment opportunities will be showcased.
Moreover, the PDSL confirmed that the country offers over 10,000 km2 of released 3D seismic data covering offshore areas, including previously unreleased PSDM and PSTM surveys and multi-client data covering the four hydrocarbon discoveries. Geological mapping aims to support exploration efforts in the country and further enhances the country’s attractiveness as a frontier market.
“The PDSL is driving initiatives to enhance investor confidence in the country’s oil and gas sector. With a focus on creating a business-friendly climate, Sierra Leone beckons investors to leverage its favorable policies and vast opportunities. The forthcoming licensing rounds herald fresh prospects for exploration and discovery, reaffirming Sierra Leone’s status as a destination for energy investments,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
At AEW: Invest in African Energy 2024, the PDSL will serve as an official partner, showcasing Sierra Leone’s proactive approach to cultivating international collaborations and attracting strategic investments in its burgeoning hydrocarbon sector. For more information about how you can get involved, visit www.AECWeek.com.
Distributed by APO Group on behalf of African Energy Chamber.
Source link : https://voxafrica.com/press/sierra-leones-petroleum-directorate-partners-with-african-energy-week-aew-invest-in-african-energy/
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Publish date : 2024-04-04 07:00:00
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