“We have completed the previous licensing cycle in 2023,” said Mansaray. “We want to accelerate the process to become a petroleum-producing nation. What we see across the continent is that companies wait months. We’re changing that.” He emphasized Sierra Leone’s commitment to efficiency and transparency, highlighting investor-friendly terms and fast-tracked procedures: “From the letter of intent to the license, the process will not take more than 85 days. Our investment terms are very simple.”

The panel, moderated by African Energy Chamber Executive Chairman NJ Ayuk, brought together high-level representatives from across the continent to explore financing needs, new partnership models and the impact of net-zero targets on African oil and gas development.

Representing the Democratic Republic of the Congo (DRC), Joel Fumbwe, Technical Upstream Advisor at the Ministry of Hydrocarbons, stressed, “The DRC has long-been known as a mining nation. Hydrocarbons were placed on the backburner. Today, we produce about 18,000 barrels per day (bpd), but we estimate our potential to reach 300,000 bpd.” He added that the DRC is addressing its energy deficit, particularly for mining operations, and will soon introduce a new petroleum code to clarify the country’s investment strategies.

“The minister is working to transfer high-potential blocks to the national oil company’s portfolio. We’re also engaging in discussions with neighboring countries like Angola and Congo-Brazzaville to launch joint development projects in our shared areas of interest,” Fumbwe added.

Independent energy company Perenco already made a significant offshore oil discovery in the DRC in 2024, marking a key step in revitalizing the country’s upstream sector. The discovery was made at the Moke-East well, located between the Lukami and Motoba fields.

As the DRC seeks to increase production, Namibia is pursuing first oil by 2029. Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines and Energy, shared lessons from her country’s recent upstream success. “We were quite lucky in Namibia. Our first gas discovery, the Kudu field, was made nearly 50 years ago. That gave us the confidence to continue. We’ve had to adapt our policies to ensure a stable regime for investors. Resilience is key,” she said.

Shino added that “by June 2025, we expect to finalize the field development plan [for the Kudu field]. We also hope to receive the first development plans from TotalEnergies.” The French energy major is developing the Venus discovery, with plans to make a final investment decision by Q4, 2026.

From Nigeria, Abel Igheghe, Technical Adviser on Downstream to the Minister of State for Petroleum Resources (Gas), outlined the country’s strategy to attract investment through incentives. “We have oil fields with associated gas. If you invest in gas in Nigeria, there are tax reductions. For LPG, there are additional tax waivers,” he explained.

The Nigerian government is also focused on reducing flaring and promoting domestic use. “The regulator sets local market needs - for fertilizer, ethanol and more. The vision is clear: gas for prosperity.” Igheghe provided an update on the Nigeria-Morocco pipeline, noting that “The Economic Community of West African States has met to finalize the agreement and complete feasibility studies. It’s a major project to transport gas to Europe, and countries like the UAE are interested.”