In a significant development for Sierra Leone's oil and gas sector, F.A. Oil Limited, owned by Nigerian billionaire Folorunso Alakija, has secured exploration rights in six offshore oil blocks. The Petroleum Licensing Agreement was formally issued by the Government of Sierra Leone and signed in Freetown on December 4, 2023.

Julius F. Sandy, Secretary to Sierra Leonean President Julius Bio, highlighted the importance of this collaboration, expressing confidence in F.A. Oil Limited and its commitment to Sierra Leone's national transformation agenda.

The partnership is seen as an opportunity to strengthen economic ties between Nigeria and Sierra Leone. The collaboration is expected to contribute to Sierra Leone's development and enhance cooperation between the two nations.

The signing ceremony, attended by key representatives of F.A. Oil Limited and Sierra Leone's government, marked a defining moment in Sierra Leone's petroleum resource development. Apostle Folorunso Alakija, CEO and Chairman of F.A. Oil Limited, expressed gratitude for the opportunity to participate in Sierra Leone's Oil and Gas landscape.

With F.A. Oil Limited's established presence in the Gulf of Guinea region, including producing assets off the coast of Nigeria, this collaboration expands the company's regional footprint. The successful conclusion of Sierra Leone's Fifth Licensing Round and the subsequent signing of the Petroleum Licence Agreement signify progress in the exploration and development of offshore oil blocks in the region.

The award of exploration rights to F.A. Oil Limited is viewed as a strategic move fostering economic cooperation between Sierra Leone and Nigeria. The successful negotiation and signing of the licence agreement underscore the confidence and commitment of key stakeholders in Sierra Leone's national development.

This development holds promise for Sierra Leone's economic growth and signifies a positive stride in the oil and gas sector. The collaboration is expected to contribute to Sierra Leone's national transformation agenda, with potential benefits for both nations involved.