FAMFA Oil Gets Six Blocks Offshore Sierra Leone - Africa’s premier report on the oil, gas and energy landscape.

FAMFA Oil Gets Six Blocks Offshore Sierra Leone

The government of Sierra Leone has awarded six offshore oil blocks to F. A. Oil Limited as part of its fifth licensing round.

The country’s Ministry of Energy and Power signed the petroleum license agreement in the capital, Freetown, on Dec. 4, 2023, the government says in a release.

The acreages, including blocks 53, 54, 55, 71, 72 and 73, cover an area of about 9,700 square kilometers in the Atlantic Ocean, with water depths ranging from 100 to 3,000 metres.

President Julius Maada Bio, who took office in 2018, is betting on transactions like this to boost the country’s economy and attract more foreign investment.

  1. A. Oil Limited is a subsidiary of F. A. Group, a conglomerate founded in 1991 by Apostle Folorunso Alakija, one of the richest women in Africa. Alakija, who is the CEO and chairman of F. A. Oil Limited, said she was grateful for the opportunity to participate in the oil and gas sector in Sierra Leone and assured that the deal will benefit both parties.

Famfa Oil Ltd holds 60% interest in Chevron operated Oil Mining Lease (OOML) 127, which produces about 100,000Barrels of Oil Per Day,  the second largest deepwater producing field in Nigeria.

Sierra Leone has attracted the interests of several Nigerian players in recent years, including Innoson Oil & Gas who has operatorship rights on the shallow water block 2020a.

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