By: Thaimu Bai Sesay
The Government of Sierra Leone has on Wednesday 6th December 2023 in a press statement informed members of the general public that after a successful negotiation, it has awarded a new petroleum license to Six Graticular Blocks of the F.A Oil Limited.
“Following the closure of Sierra Leone’s Fifth Licensing Round and the successful conclusion of the negotiation of terms for a prospective Petroleum Licence Agreement in respect of six offshore Graticular blocks, the Government of Sierra Leone has awarded the following offshore blocks to F. A. Oil Limited blocks 53, 54, 55, 71, 72, and 73,” noted in the press statement.
The Secretary to the President Julius F. Sandy revealed that the F. A. Oil Limited and its related company, identified as a brand name in the Gulf of Guinea region with producing assets in the deep waters off the cost of Nigeria on Monday 4th December 2023, signed the related licence agreement in Freetown during a brief ceremony.
In the press statement Sandy noted that the expression of interest by F. A. Oil Limited was a reflection of the continued confidence the investment community had in the Republic of Sierra Leone under the leadership of His Excellency President Julius Maada Bio. He added that the license agreement represents another level of cooperation opportunity between the Federal Republic of Nigeria and the Republic of Sierra Leone.
The Secretary revealed that during the signing ceremony, the Chief Executive Officer and Chairman of the F. A. Oil Limited, Apostle Folorunso Alakija expressed her appreciation of the opportunity for the F. A. Oil Limited to participate in the oil and gas landscape in Sierra Leone and assured that the license agreement would result in a win-win outcome for both parties.
The Secretary to the President in the press statement expressed that the execution of this particular Petroleum License Agreement was a defining moment in petroleum resource development in Sierra Leone, as he said it holds tremendous promise towards the Government’s national transformation agenda. He noted that the Government wished to assure citizens of its continued determination in bringing on board the right players at the right time