The Petroleum Directorate (PD) in line with expressed provisions of as clearly stated in Section 30 (1) and 32(2) of the Petroleum Exploration and Production Act 2011 this Monday made public Sierra Leone’s 2011/2012 Petroleum Bid Round for nine (9) Blocks off shore totaling 21242 sq km.
PD said in a press release that “about 5,800 line km of reprocessed 2D seismic, 3,200sq km of 3D seismic data covering some of these blocks” including “well information and interpretation are available for purchase at the offices of TGS-NOPEC in Houston, Oslo and Bradford UK”.
Speaking to Awoko Business on Monday Karefa Kargbo Financial controller Petroleum Resources, Office of the President said government is “keen” on “ensuring transparency in the emerging oil sector”. The process he said is aimed at “attracting good companies” that can meet the criteria laid down by the Unit.
As explained to Awoko Business by the legal mind of the Unit Adekunle King, the Unit will only award exploration and production go ahead to companies that can demonstrate “technical competence” to carry out exploration activities in Sierra Leone’s geological setting.
Companies are also expected to meet the financial requirement of “USD100 million upfront” as oil exploration and extraction is highly capital intensive. The process also looks at bidders whose “corporate social responsibility in terms of signature bonus “is attractive, and in the interest” of the people of Sierra Leone.
Oil business as advanced by Adekunle King is a “dirty” business. The Unit he added will not “tolerate” bidders with “questionable” Health, Security and Environmental HSE records. The process currently facilitated by TGS-NOPEC a global geo-scientific data products and services provider to the oil and gas industry, started before 2003.
The first round of bids for Sierra Leone’s emerging oil industry was first slated for the 28th of February 2003. It was however postponed to the 30th of May 2003 to give “exploration companies more time to acquire and interpret data before submitting their bids.”
This round of bid will end on 30th March 2012.
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