… Director General assures
January 24, 2019
By Mohamed Massaquoi
Director Timothy Kabbah making his statement
Director General of the Sierra Leone Petroleum Directorate has yesterday stated that recent commercial discoveries in geological basins in the re-emergence of exploration activities and the rapid development of new oil and gas provinces in the West African region were shaping a promising future for Sierra Leone.
Timothy Kabbah made the statement yesterday during a stakeholder consultative conference on Oil and Gas at the Bintumani conference hall in Freetown.
He said the rebirth of oil and gas companies’ interest in exploration has given rise to an astronomical number of countries availing varying forms of tender options in an effort to capture a portion of the limited investment dollars now available.
He added that the Petroleum Directorate was committed to promoting the high commercial probability of the country’s petroleum assets, adding that President Maada Bio has expressed an overall goal for the sector focused on three major parameters which included attracting world class operators to Sierra Leone waters to lead exploration, improving upon the legal and regulatory environment for operation and building the local technical capacity to monitor, and supporting operations through academic and professional training.
“My Directorate is committed to creating a regulatory environment that will catapult us from potential to proven whereby our oil deposits once actualised will be used for the maximum social and economic benefit of all Sierra Leoneans, and to learn from good and bad practice elsewhere to avoid the resource curse. Making oil work for development is our fundamental mission. Our priority therefore is to put in place a strong, innovative strategic plan to reopen the suspended 4th Licensing Round and tender five (5) offshore blocks. I will do a presentation on that shortly and to distinguish the competitiveness of our program from those that are comparatively positioned in an effort to attract best in world-class development partners, who have proven commitment to technical excellence and environmental protection,” he said.
He further stated that their goal was to enhance the sustainable development of the country and the people, adding that their investment in the sector and strategy for revenue management will reflect the needs and aspirations of the citizens.
“It is too early to define the precise structures and focus of our approach to revenue management, but it will be guided by our overall goal, our four values, and we will prioritise growth-promoting investment in infrastructure and people through education and skills. In short, we will sow the proceeds of oil so that every future generation will be able to reap the benefits,” he said.
Deputy Financial Secretary at the Ministry of Finance, Mathew Dingie, said the ministry was pleased to be part of the activities of the Petroleum Directorate, noting that the consultative conference was timely especially when key stakeholders have been involved in the process.
He said through the introduction of the Treasury Single Account (TAS) under the leadership of President Maada Bio, a lot of discoveries have been made, especially in resource mobilisation.
He added that since the introduction of the TSA, they have recorded an appreciable amount from the directorate.
“We have got an insight as to how the petroleum directorate operates. Prior to 2018, the Ministry of Finance was having no insight as to what was going on. We have seen a lot of potentials in this directorate and that is the reason the ministry has allocated 2.3 billion Leones for them to have a befitting building,” he said.