Petroleum (Exploration and Production) Act, 2011
The principal Act governing the exploration for and production of petroleum (oil and gas) in Sierra Leone.
Summary
The Petroleum (Exploration and Production) Act, 2011 is the principal law governing upstream petroleum activities in Sierra Leone. It vests petroleum resources in the State and provides the framework for the grant and administration of rights to explore for and produce oil and gas.
The Act provides for petroleum licences and agreements (such as production-sharing or similar arrangements), the conditions attaching to petroleum operations, the rights and obligations of licensees, local content, health, safety and environmental requirements, and the fiscal terms and payments due to the State. It provides for a regulator of the petroleum sector and for enforcement.
It was amended in 2014 and provides the basis for the regulation of a potential oil and gas industry.
Main provisions
- Vests petroleum resources in the State.
- Provides for petroleum licences and agreements for exploration and production.
- Sets the conditions and obligations of petroleum operations and licensees.
- Provides for local content, health, safety and environmental requirements.
- Provides for fiscal terms and payments to the State.
- Provides for a sector regulator and enforcement.