Somalia readies to offer oil blocks
CAPE TOWN- – Somalia announced its first oil and gas licensing round on easrly this month at the 23rd Africa Oil Week Conference in Cape Town.
The new Somali Petroleum Law has been drafted and is now being reviewed by key stakeholders as investors are invited to bid for offshore blocks surrounding the Galmudug, Hirshabelle and South West State regions. The finalised production sharing agreement format that bidders will be required to conclude with the of petroleum ministry and the fiscal terms that will apply are ready. However, Somalia is currently in a territorial dispute with Kenya which is being heard at the International Court of Justice in the Hague.