So­ma­lia read­ies to of­fer oil blocks

East African Business Week - - ENERGY -

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.

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