By Kelfala Kargbo
Freetown, 12th August, 2026 – Sierra Leone may be on the verge of a historic breakthrough in oil and gas production, President Julius Maada Bio revealed during his State Opening Address to Parliament on August 7.
The President said recent seismic studies have “improved our understanding of the offshore basin and renewed international interest,” but stressed that only drilling will confirm whether Sierra Leone can achieve commercial discovery.
Bio announced that government has concluded negotiations with Marginal Energy Limited for a proposed investment of at least US$225 million over seven years, subject to parliamentary approval. The deal, he noted, could mark the beginning of Sierra Leone’s journey toward domestic oil and gas production.
Highlighting Sierra Leone’s growing role in regional energy integration, Bio confirmed the country has joined the proposed US$26 billion African Atlantic Gas Pipeline, which will link Nigeria and Morocco. The project, agreed during the ECOWAS Heads of State Mid-Year Summit in July, is expected to strengthen regional energy security, attract investment, and advance integration across West Africa.
The Sierra Leone National Petroleum Company Limited will serve as the government’s commercial arm in the oil and gas sector, tasked with ensuring that investments create value and meaningful opportunities for Sierra Leonean businesses and professionals.
Although Sierra Leone has long been endowed with mineral wealth, it has never discovered oil or gas. President Bio’s announcement signals a potential turning point, with the country now positioning itself to diversify its economy and tap into new energy resources.
“Our objective is to create value, jobs, and opportunities for Sierra Leoneans while strengthening our role in regional energy security,” Bio told lawmakers.
If drilling confirms commercial viability, Sierra Leone could soon join the ranks of oil-producing nations, reshaping its economic future and expanding its role in Africa’s energy landscape.
