Chevron to explore oil potential in Sierra Leone

Chevron - swong95765 - FlickrChevron expects commercial viability from Sierra Leone's oil deposits this time. (Image source: swong95765/Flickr)US-based multinational energy corporation, Chevron has announced its intent to explore the oil potentials of Sierra Leone again

The American company’s plans to invest in Sierra Leone’s oil industry were disclosed by United States of America’s ambassador to Sierra Leone, John Hoover, at a meeting with Raymond Kargbo, director general of Sierra Leone’s petroleum directorate.

Kargbo said Chevron has acquired Block BFI8A and Block FL8B “with commitment in investing in cooperate social responsibility” and that the company was waiting to obtain the government’s approval. He added that the directorate looked at the short, medium and long-term goals of Chevron’s operations following a successful geological exploration.

Kargbo also said that the directorate is working on the legal framework that would harmonise its relationship with other government ministries, departments and agencies, including the private sector. “We operate with a high level of transparency and accountability. We know that with transparency and accountability we can build greater trust,” he said, and added that the directorate is now turning its attention to onshore and shallow waters petroleum potentials in the country.

A team from the directorate has gone to the UK to meet with a consultancy to design an appropriate legal framework. Kargbo explained that the directorate team would be looking into areas of best practice, audit and data management, as it needs to manage and package data which can be used to attract investors.

Chevron has considered Sierra Leone for oil production earlier but had pulled out from the country due to low commercial viability.

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