Sierra Leone is positioning itself as the next big player in Africa’s energy sector, announcing plans to launch a new oil and gas licensing round later this year. The move comes after the completion of a fresh round of seismic surveys that officials hope will reignite interest among global energy companies.
According to the country’s Petroleum Directorate, the latest data has already attracted attention from major international firms, including Shell, Petrobras, and Hess Corp. The survey, conducted in collaboration with multi-client geophysical firm TGS, aims to unlock the potential of an estimated 30 billion barrels of recoverable oil equivalent believed to lie offshore.
The Vega prospect, one of the most promising offshore discoveries made over a decade ago by Anadarko, is estimated to hold 3 billion barrels alone. However, development of that site and others has stalled in the past due to technical challenges, shifting market dynamics, and public health emergencies like the 2014 Ebola outbreak.
Now, with global energy demand rising and investment sentiment shifting back toward hydrocarbons, Sierra Leone is once again attracting interest. Authorities have pledged to streamline the licensing process and make investment conditions more transparent. “Our procedures are fast and clear—we can move from intent to license in under 90 days,” said Petroleum Directorate Director General Foday Mansaray.
Strategic Location, Renewed Interest
Located between Ivory Coast and Guinea, Sierra Leone shares similar geological features with countries already benefiting from large-scale offshore oil developments. This has given officials hope that the new licensing round will yield results that previous attempts did not.
Regional developments further support Sierra Leone’s ambitions. Neighboring Liberia, Ivory Coast, and even Sao Tome and Principe have recently launched new exploration rounds or awarded offshore blocks, signaling growing momentum in West Africa’s energy frontier.
Energy Demand Still Rising
Despite growing conversations about energy transition and renewable investment, recent data from the Energy Institute shows that global demand for oil and gas continues to grow. In 2024 alone, fossil fuels accounted for 60% of new energy demand globally. This ongoing demand has encouraged energy companies to seek out new reserves, particularly in underexplored regions.
Industry leaders note that Africa remains one of the last frontiers for major discoveries, especially as output in traditional basins declines. Companies like Petrobras and Eni are now expanding operations into the continent, aiming to offset declining production at home.
Balancing Development and Sustainability
While foreign environmental groups have voiced concerns about expanding fossil fuel development, African governments, including Sierra Leone, argue that responsible resource development is essential for economic progress. Officials have expressed a commitment to environmental stewardship while ensuring that the nation’s resources benefit the local population through job creation, infrastructure development, and skills transfer.
With global interest returning and the promise of major reserves beneath its waters, Sierra Leone is preparing to stake its claim in the next chapter of Africa’s energy story.