Famfa Oil Limited, an indigenous energy company, has been granted rights to six offshore oil blocks by the Sierra Leonean government following the successful conclusion of the nation’s fifth licensing round.
The announcement came through a statement released by Julius Sandy, the secretary to the president of Sierra Leone, on Sunday.
The awarded offshore blocks are numbered 53, 54, 55, 71, 72, and 73, marking a significant development in Sierra Leone’s petroleum industry.
According to the statement, the signing ceremony, solidifying the partnership between Sierra Leone and Famfa Oil Limited, took place in Freetown on December 4.
Famfa Oil, founded in September 1991 and owned by Nigerian businesswoman Folorunso Alakija, boasts a proven track record in the Gulf of Guinea region.
Alakija expressed her gratitude during the signing ceremony, emphasizing the positive impact the license agreement will have on both Sierra Leone and Famfa Oil.
Sandy highlighted the international investment community’s growing confidence in Sierra Leone under President Julius Maada Bio, stating that the license agreement signifies a new level of cooperation between the Republic of Sierra Leone and the Federal Republic of Nigeria.
“The execution of this Petroleum Licence Agreement is a defining moment in petroleum resource development in Sierra Leone, holding tremendous promise towards the advancement of the government’s national transformation agenda,” the statement reads.
The Sierra Leonean government, while assuring its citizens of continued diligence in selecting appropriate partners, sees this agreement as a significant step towards attracting responsible players in the oil and gas industry.
