The agreement, concluded through the Petroleum Directorate of Sierra Leone, covers offshore blocks G-145, G-146, G-147, G-160 and G-161, spanning approximately 6,800 square kilometres. Officials said the deal forms part of a broader strategy to revive investor interest in the country’s under-explored upstream petroleum sector.

According to a government statement, Marginal Energy has committed to a seismic acquisition and exploratory drilling programme, with total exploration spending expected to exceed $225 million. The state will retain a 10% carried interest in oil projects and 5% in gas during exploration and development, with an option to increase its stake by up to 9% on a paid basis once production begins.

"This agreement demonstrates our commitment to responsible resource development and ensuring tangible benefits for our citizens,” said Julius Maada Bio during remarks at the signing ceremony in Paris. He added that the government aims to balance investor incentives with national economic priorities.

A senior official from the Petroleum Directorate, speaking to Diplomat News Network at the venue, said early-stage geological assessments indicate "promising basin characteristics,” noting that updated seismic data would be central to reducing exploration risk. "Investor confidence depends on data transparency and regulatory clarity, both of which we are strengthening,” the official said.

On the sidelines of the conference, industry representatives and delegates were observed engaging in technical briefings and data presentations, with moderate attendance from international energy firms. Exhibition booths displayed seismic maps and offshore block models, reflecting renewed efforts to market Sierra Leone’s offshore potential.

A representative of Marginal Energy, Adewale Ogunleye, described the agreement as "a strategic entry into a frontier basin with significant upside,” adding that the company would deploy advanced seismic technologies to guide drilling decisions. "We are committed to executing a disciplined exploration programme aligned with international standards,” he said.

Sierra Leone’s offshore sector has historically seen limited commercial success despite earlier exploration campaigns. The government is preparing a new licensing round supported by newly acquired seismic data, aiming to attract a broader pool of international investors.

Energy analysts say the deal signals a cautious but deliberate push to reposition the country within West Africa’s competitive upstream landscape. Increased exploration activity could generate long-term revenue streams, though commercial discoveries remain uncertain.

The agreement underscores Sierra Leone’s attempt to leverage its offshore resources amid evolving global energy dynamics, with outcomes likely to depend on exploration results and sustained investor engagement.