Sierra Leone has signed a petroleum licence with Nigeria-based Marginal Energy Limited to expand offshore exploration and production prospects significantly.
Sierra Leone Petroleum Directorate agreement covers offshore blocks G-145, G-146, G-147, G-160 and G-161 spanning about 6,800 square kilometres.
Marginal Energy has pledged seismic and drilling programmes, with exploration spending expected to exceed 225 million dollars overall investment.
Under the agreement, the state holds 10 percent carried interest in oil and five percent in gas projects during exploration and development.
The deal was signed at the Invest in African Energy conference in Paris, promoting offshore opportunities to global investors.
Sierra Leone is preparing a new offshore licensing round using fresh seismic data to revive frontier basin exploration interest.
President Julius Maada Bio said the agreement demonstrates commitment to developing petroleum resources while ensuring national economic benefits.