About Us – Overview
Since 16th August 2001, upstream petroleum operations in Sierra Leone have been conducted in accordance with the Petroleum Exploration and Production ACT (PEPA)
Under the authority of the President, this Act established the Petroleum Resources Unit (PRU) to “represent the State exclusively in negotiations with interested parties for exploration, development or production of petroleum, to act on behalf of the State in petroleum agreements and to regulate the petroleum industry in Sierra Leone.”
In September 2009 and following the discovery of hydrocarbon condensates in the Venus B-1 well, H.E. the President, Dr. Ernest Bai Koroma set up a Presidential Task Force with a mandate to review petroleum activities in the country and restructure the PRU.
The aim was to enable the PRU to meet the emerging challenges of a changing industry and to react to the trends in petroleum exploration within the country and the wider region.
Accordingly, the Taskforce supported by a Petroleum Advisory Group – made up of NORAD, the Commonwealth, Revenue Watch Institute (now Resource Governance Institute) and the African Centre for Economic Transformation (ACET) – commenced reviewing the PEPA 2001 Act.
The main objective at this point was to align the new legislation with the guiding principles of the Petroleum Policy.
The ‘Petroleum Policy 2010’ was accepted by cabinet in July 2010 which was followed by the drafting of a new Petroleum Bill, which became law on 25th July 2011.
The Petroleum Exploration and Production ACT (PEPA), 2011 established the Petroleum Directorate as the successor to the PRU.
We at the Petroleum Directorate now coordinate the award of Petroleum Licenses, negotiate the terms of all Petroleum Licenses, monitor, regulate and facilitat upstream petroleum activities on behalf of the State. We also develop regulations for the upstream petroleum sector throughout the entire Petroleum Value Chain.
To facilitate the optimal exploration and development of Sierra Leone’s Potential Petroleum Resources for the long term benefit of its people, through the development of regulatory guidelines and monitoring contract compliance, having due regard for the economy, the environment, safety, technology, as well as balancing the interests of the nation and investor.
To become a functionally and fiscally independent high-reliability regulatory agency capable of delivering its mission in a sustained way.