FAMFA Oil Limited, owned by Nigerian billionaire Folorunso Alakija, has expanded its footprint in Africa’s oil and gas sector after securing six offshore oil blocks in Sierra Leone. The government of Sierra Leone awarded the blocks as part of its fifth licensing round, aiming to attract foreign investment and boost economic growth.
The licensed blocks (53, 54, 55, 71, 72, and 73) cover an area of about 9,700 square kilometers in the Atlantic Ocean, with water depths ranging from 100 to 3,000 meters. The deal was officially signed in Freetown on December 4, 2023, by the country’s Ministry of Energy and Power.
Folorunso Alakija, one of Africa’s richest women and the Chairman of FAMFA Oil, expressed gratitude for the opportunity, assuring that the investment would bring mutual benefits to both parties. F. A. Oil Limited, a subsidiary of F. A. Group, is expanding beyond Nigeria’s oil sector, where it already holds a 60% stake in Oil Mining Lease (OML) 127, one of Nigeria’s largest deepwater producing fields operated by Chevron, with a production of about 100,000 barrels per day.
Nigerian Oil Firms Expanding in Sierra Leone
Sierra Leone’s oil and gas sector has attracted the interest of several Nigerian players, including Innoson Oil & Gas, which holds operatorship rights on shallow water block 2020a. The West African country, under the leadership of President Julius Maada Bio, is positioning itself as a promising destination for oil exploration, following the footsteps of major players like Nigeria and Ghana.
With FAMFA Oil’s latest acquisition, Folorunso Alakija continues to cement her influence in Africa’s energy sector, further solidifying her status as one of the continent’s most powerful businesswomen.
