Country: Sierra Leone

ARISE IIP will invest $120m in the development of the SIZ – Koya (Sierra Leone Industrial Zone) as part of a public-private partnership with the Republic of Sierra Leone.

The Petroleum Directorate of Sierra Leone officially launched the country’s 5th Petroleum Licensing Round in London today. In total, 63,643km2 of offshore acreage is up for grab across 56 graticular blocks of some 1,360km2 each. A contract area is formed with a minimum of three graticular blocks. The Licensing Round will remain open until September 30th, 2022. It notably follows several announcements related to exploration offshore Sierra Leone earlier this month. On May 10th, Wildcat Petroleum announced it was granted non-exclusive right over 20 blocks offshore Sierra Leone where it will carry out a desktop study using geophysical and geological data. Last week, Innoson Oil & Gas also revealed the results of a third-party evaluation of its concession in the country by Ryder Scott Co, estimating up to 8.2 Tcf of gas and 234m barrels of condensate of P50 estimated un-risked gross prospective recoverable resources there. Sierra Leone has already shown oil deposits during previous exploration campaigns led by Anadarko, Repsol and Tullow Oil. These notably resulted in a few discoveries, though uncommercial ones. They include Venus B-1, Mercury-1, and Jupiter-1 by Anadarko in 2009, 2010, and 2012, and Savannah-1X by Lukoil in 2013.

Innoson Oil & Gas, part of Nigeria’s IVM Innoson Group, revealed last week the findings of a third-party evaluation conducted by Ryder Scott Co. on its concession offshore Sierra Leone. According to the American engineering and geological consultants, Innoson Oil & Gas’ blocks could contain up to 8.2 Tcf of gas and 234m barrels of condensate of P50 estimated un-risked gross prospective recoverable resources in the Sierra Leonean basin. The Nigerian company had been awarded provisional Blocks 96, 97, 114, 115, 116, 117, 133, 134 and 135 in May 2020. The blocks are in shallow water off the coast of Sierra Leone. They are notably adjacent to the Reconnaissance Permit area that the Petroleum Directorate of Sierra Leone (PDSL) granted Wildcat Petroleum earlier this month. Interest for exploration in Sierra Leone is picking up with several companies currently conducting reconnaissance operations there. The country has already shown oil deposits during previous exploration campaigns led by Anadarko, Repsol and Tullow Oil. These notably resulted in a few discoveries, though uncommercial ones. They include Venus B-1, Mercury-1, and Jupiter-1 by Anadarko in 2009, 2010, and 2012, and Savannah-1X by Lukoil in 2013. In order to assess the potential of its concession, the company notably deployed an earth remote sensing (ERS) method, reducing the need for 2D and 3D seismic and well data. “Asset evaluation, a field development plan and the setup of a data room are vigorously pursued with the immediate objective to engage a farm-in partner,” Innoson Oil & Gas explained in a statement.

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG) and Helios Investment Partners (Helios) have announced that they are working together to establish a pan-African investment vehicle: Climate, Energy Access and Resilience (CLEAR). The initiative was announced as part of a UK government event hosted in Glasgow on Finance Day of the UN’s COP26 Summit. CLEAR will work towards the achievement of the UN Sustainable Development Goals (SDGs) by funding climate-aligned infrastructure and growth businesses on the continent. In doing so, it will also address the growing demand from domestic and international investors for sustainable investment opportunities that can help to close the infrastructure and productivity gap in Africa. The new pan-African investment vehicle will notably leverage a robust pipeline of projects and growth businesses from both InfraCo Africa and Helios across three core themes: clean energy and the energy transition, green transportation and mobility, and sustainable growth and consumption. CLEAR expects to ultimately raise more than $350m for investment into sustainable infrastructure and businesses which will provide at least 100,000 new jobs, connect more than 1 million people to power for the first time and avoid 100m tonnes of carbon emissions. InfraCo and Helios anticipate that CLEAR will initially be established as a private vehicle but designed and capitalised with a view to listing the vehicle within 3 years of final close.