Freetown, SIERRA LEONE – Nigerian F. A. Oil Limited has secured rights to six offshore oil blocks in Sierra Leone, marking its entry into the country’s oil and gas industry. The government of Sierra Leone, awarded the blocks—53, 54, 55, 71, 72, and 73—to F. A. Oil Limited as part of its fifth licensing round.
Previously, Innoson Oil and Gas held exclusive rights to nine blocks near the coast and the Liberian border since 2020. The petroleum license agreement between Sierra Leone’s Ministry of Energy and Power and F. A. Oil Limited was formalized in the capital, Freetown, on December 4, 2023.
The acreages cover approximately 9,700 square kilometers in the Atlantic Ocean, featuring water depths ranging from 100 to 3,000 meters. The government aims to leverage this deal to boost Sierra Leone’s economy and attract more foreign investment.
Famfa Oil Limited, a subsidiary of the F. A. Group founded in 1991 by Apostle Folorunso Alakija, a prominent figure in Africa and the CEO and chairperson of F. A. Oil Limited, expressed gratitude for the opportunity. Alakija, one of Africa’s wealthiest women, assured that the deal would be mutually beneficial.
Mrs Folorunsho Alakija reportedly has a net worth of $2.5 billion.
Sierra Leone has recently become a focal point for Nigerian players, with Innoson Oil & Gas holding operatorship rights on the shallow water block since 2020. The move signifies a growing interest from Nigerian firms in Sierra Leone’s promising oil and gas sector, aligning with the government’s vision for economic growth. OG/18/12/2023