Famfa Oil Limited, a homegrown energy enterprise, has secured rights to six highly profitable offshore oil blocks from the Sierra Leone government.
According to a statement released on Sunday and obtained by TheCable, Julius Sandy, the secretary to the president of Sierra Leone, disclosed that this accolade stems from the successful conclusion of the nation’s fifth licensing round. The negotiations encompassed terms for a potential petroleum license agreement relating to “six offshore graticular blocks.”
The designated offshore blocks include numbers 53, 54, 55, 71, 72, and 73.
Established in September 1991, Famfa Oil obtained leasehold rights to OPL 216 on August 10, 1993. The company is under the ownership of Folorunso Alakija, a prominent Nigerian businesswoman recognized as one of Africa’s wealthiest women.
According to Sandy, the signing ceremony occurred in Freetown on December 4th, solidifying a partnership between Sierra Leone and Famfa Oil Limited, “a company with a proven track record in the Gulf of Guinea region”.
“The expression of interest by F.A. Oil Limited is a testament to the growing confidence the international investment community has in Sierra Leone under President Julius Maada Bio,” the statement reads.
“The licence agreement represents another level of cooperation opportunity between the Federal Republic of Nigeria and the Republic of Sierra Leone.
“Execution of this particular Petroleum Licence Agreement is a defining moment in petroleum resource development in Sierra Leone, as it holds tremendous promise towards the advancement of the government’s national transformation agenda.”
The Sierra Leonean government also assured its citizens of its continued determination to bring on board the right players at the right time.
Meanwhile, during the signing ceremony, Alakija expressed her appreciation for the opportunity granted to her firm to participate in the oil and gas landscape of Sierra Leone.
The billionaire assured that the licence agreement would “result in a win-win outcome for both parties”.