Nigerian Oil company F A Oils wins licence to Six oil blocks in Sierra Leone

The government of Sierra Leone has granted the oil company owned by Nigerian billionaire Folorunsho Alakija six oil blocks.

According to Nigerian Tribune, Dr. Julius F. Sandy, the secretary to the president of Sierra Leone, signed a public statement notifying the public of the agreement that his company, Alakija Oil Company, and the government of Sierra Leone had signed.

The public statement states that on December 4, 2023, Folorunsho Alajika’s oil company signed the licence agreement for six offshore blocks: 53, 54, 55, 71, 72, and 73.

The signed contract between Alakija’s company and Sierra Leone, according to the government of Sierra Leone, is proof of the two countries’ close ties.

Alakija has also conveyed gratitude and given assurances that both parties will benefit from the agreement.

According to the public statement, Folorunsho Alajika’s oil company signed the license agreement to six offshore blocks 53, 54, 55, 71, 72 and 73 on the 4th of December, 2023.

The Sierra Leonean government noted that the signed agreement between Alakija’s company and Sierra Leone is evidence of the strong relationship between Nigeria and Sierra Leone.

Alakija also has expressed appreciation and assured that the agreement will be a mutual win for both parties.

The statement reads:

“The General Public is hereby informed that following the closure of Sierra Leone’s Fifth Licensing Round and the successful conclusion of the negotiation of terms for a prospective Petroleum License Agreement in respect of six offshore Graticular blocks, the Government of Sierra Leone has awarded the following offshore blocks to F. A. Oil Limited Blocks 53, 54, 55, 71, 72 and 73

“F. A. Oil Limited and its Related Company, which is a brand name in the Gulf of Guinea region with producing assets in the deep waters off the coast of Nigeria on Monday, 4th December 2023, signed the related Licence Agreement in Freetown during a brief ceremony.

“The expression of interest by F. A. Oil Limited is a reflection of the continued confidence the investment community has in the Republic of Sierra Leone under the leadership of H.E. President Julius Maada Bio.

“The Licence Agreement represents another level of cooperation opportunity between the Federal Republic of Nigeria and the Republic of Sierra Leone.

“During the signing ceremony, the Chief Executive Officer/Chairman of F.A.Oil Limited, Apostle Folorunso Alakija expressed her appreciation of the opportunity for F. A. Oil Limited to participate in the Oil and Gas landscape in Sierra Leone and assured that the Licence Agreement will result in a win-win outcome for both parties.

“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 Government wishes to assure citizens of its continued determination in bringing on board the right players at the right time”, the statement reads.

F 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.

Famfa Oil Ltd holds a 60% interest in Chevron-operated Oil Mining Lease (OOML) 127, which produces about 100,000 barrels 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 which has operatorship rights on the shallow water block 2020a.