Somalia has agreed an initial roadmap with a Shell/Exxon (RDSa.L) (XOM.N) joint venture to explore and develop potential offshore oil and gas reserves, the Ministry of Petroleum and Mineral Resources said on Monday.
“I am delighted we have agreed an initial roadmap with the Shell/Exxon joint venture. This gives us confidence in (the)ability to further explore any offshore hydrocarbon potential,” minister Abdirashid Mohamed Ahmed said in a statement.
Last month Somali President Mohamed Abdullahi Farmajo signed petroleum legislation into law to help open up a new frontier market in Africa as the strife-torn country hopes new petroleum finds will help transform its economy.
Seismic data suggests there could be significant oil reserves offshore.
In October Shell and Mobil, which had a joint venture on five offshore blocks in Somalia prior to the toppling of dictator Mohamed Siad Barre in the early 1990s, agreed to pay the government $1.7 million for historic leasing of the blocks.
Exxon Mobil and Shell were not immediately available to comment.
Source;Reuters
This is progress we made as we somali people,since I was born 1994 every body is saying somalia land is full of mineral,oil and gas yet we are suffering with lack of basic element in our community.the reason as to why we are fighting each other is because when someone is lacking what to strive he/she is can be easily manipulated and take advantage of groups fighters existing in a country. Our population is reducing while other countries’ population is increasing and the reason being our people are fleding to other countries,some are dying in the sea while others are dying war of no destination.i believe if we get full reason and basic need to every young men and women it could better than it is now.