TheCable

Famfa Oil Limited, an indigenous energy company, has received rights to six lucrative offshore oil blocks from the government of Sierra Leone.

In a statement seen by TheCable on Sunday, Julius Sandy, secretary to the president of Sierra Leone, said the award follows the successful completion of the West African nation’s fifth licensing round and negotiations of terms for a prospective petroleum licence agreement “in respect to six offshore graticular blocks”.

The six offshore blocks awarded are numbered 53, 54, 55, 71, 72, and 73.

Famfa Oil was incorporated in September 1991 and was awarded the leasehold rights to OPL 216 on the 10th of August 1993. The company is owned by Folorunso Alakija, a Nigerian businesswoman and one of Africa’s richest 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”.