Sierra Leone has awarded six offshore oil blocks to F. A. Oil Limited as part of its fifth licensing round
Sierra Leone has awarded six offshore oil blocks to F. A. Oil Limited as part of its fifth licensing round.
The government of Sierra Leone and F. A. Oil Limited signed the petroleum license agreement on Monday, Dec. 4, 2023, in Freetown, according to a statement from the Ministry of Energy and Power.
The blocks, numbered 53, 54, 55, 71, 72 and 73, cover an area of about 9,700 square kilometers in the Atlantic Ocean, with water depths ranging from 100 to 3,000 meters. The government of Sierra Leone, led by President Julius Maada Bio, who took office in 2018, is betting on the deal to boost the country's economy and attract more foreign investment.
F. A. Oil Limited is a subsidiary of F. A. Group, a conglomerate founded in 1991 by Apostle Folorunso Alakija, one of the richest women in Africa. Alakija, who is the CEO and chairman of F. A. Oil Limited, said she was grateful for the opportunity to participate in the oil and gas sector in Sierra Leone and assured that the deal will benefit both parties.
Her company Famfa Oil Ltd is already among the major players in Nigeria’s oil industry. In 1993, the company was awarded the leasehold rights in the offshore block OML 127 (formerly OPL 216), which contains the Agbami Field, one of the largest deepwater discoveries and producing fields in Nigeria.
Sierra Leone has attracted the interests of several Nigerian players in recent years, including Innoson Oil & Gas who has operatorship rights on the shallow water block 2020a.
The government of Sierra Leone and F. A. Oil Limited signed the petroleum license agreement on Monday, Dec. 4, 2023, in Freetown, according to a statement from the Ministry of Energy and Power.
The blocks, numbered 53, 54, 55, 71, 72 and 73, cover an area of about 9,700 square kilometers in the Atlantic Ocean, with water depths ranging from 100 to 3,000 meters. The government of Sierra Leone, led by President Julius Maada Bio, who took office in 2018, is betting on the deal to boost the country's economy and attract more foreign investment.
F. A. Oil Limited is a subsidiary of F. A. Group, a conglomerate founded in 1991 by Apostle Folorunso Alakija, one of the richest women in Africa. Alakija, who is the CEO and chairman of F. A. Oil Limited, said she was grateful for the opportunity to participate in the oil and gas sector in Sierra Leone and assured that the deal will benefit both parties.
Her company Famfa Oil Ltd is already among the major players in Nigeria’s oil industry. In 1993, the company was awarded the leasehold rights in the offshore block OML 127 (formerly OPL 216), which contains the Agbami Field, one of the largest deepwater discoveries and producing fields in Nigeria.
Sierra Leone has attracted the interests of several Nigerian players in recent years, including Innoson Oil & Gas who has operatorship rights on the shallow water block 2020a.
_weblogo_2.png?ext=.png)
.jpg?ext=.jpg)
