7.500
%
Neutral
95
mm boe
0
%
Sierra Leone is politically calmer under a cross-party agreement, but corruption and weak infrastructure persist. Offshore discoveries have not been commercialised. Outlook maintained because there has been no material change. Outlook: Neutral. Risk premia unchanged at 7.5%.
October 11, 2026
Africa - West
mm bbl
bcf
Western Africa, bordering the North Atlantic Ocean, between Guinea and Liberia.
Concession
Concession (royalty/tax) regime. Petroleum licences are granted by the Petroleum Directorate under the Petroleum (Exploration and Production) Act 2011 and the model petroleum agreement, with a royalty, petroleum income tax and an additional profits-based levy, plus a State participation option. Deepwater wells drilled by Anadarko and partners between 2009 and 2013 found hydrocarbons but no commercial accumulation, and activity since has been limited to seismic and licensing rounds.
President Julius Maada Bio was re-elected in a disputed 2023 election, and political tensions eased under a cross-party agreement. US and UK guidance cite corruption, weak infrastructure and a small market, alongside mining opportunities in iron ore, rutile and diamonds. Sierra Leone has no oil production; offshore discoveries have not been commercialised, and power shortages persist.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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