Sierra Leone could be sitting on a 30 billion barrels of crude oil and gas, worth around $2.1 trillion at current market rates, according to a recent data, making Sierra Leone Africa’s next oil giant.
According to recent data, Sierra Leone holds an estimated 30 billion barrels of recoverable oil equivalent, making it one of the most promising yet underexplored energy frontiers on the continent.
The government, through its Petroleum Directorate, is preparing a new licensing round for international oil companies (IOCs) later this year, based on data gathered from the seismic survey.
“The reprocessing of that data is happening now with our multi-client partners, TGS, and we are hoping to get something to push to the market in October,” said Foday Mansaray, Director General of Sierra Leone’s Petroleum Directorate.
The renewed energy push comes more than a decade after U.S. oil giant Anadarko and Russia’s Lukoil explored offshore Sierra Leone but halted development after early findings were deemed not commercially viable. Notably, Anadarko’s Vega Prospect alone was estimated to hold 3 billion barrels, yet it never advanced to production.
Several global oil giants, including Shell, Hess Corp., Murphy Oil, and Brazil’s Petrobras, have reportedly purchased access to the latest exploration data.
Despite past setbacks, including the devastating Ebola outbreak in 2014 and growing international pressure to transition away from fossil fuels, Sierra Leone is now positioning itself as open for energy business.
“From letter of intent to license, our process will not exceed 85 days. Our investment terms are very simple,” Mansaray emphasized earlier this year, highlighting government efforts to reduce bureaucratic delays.
Liberia, Ivory Coast, Senegal, and Sao Tome are all ramping up offshore exploration, sparking what some are calling a “West African energy renaissance.”
If successful, Sierra Leone, a country of just 8 million people, could become Africa’s next oil giant, with a booming economy that would transform the small West African nation, already rich in diamonds, iron ore, gold, and bauxite, into a paradise.
