Somalia has kicked off an initial roadmap with Shell and Exxon as joint venture partners to explore and develop potential offshore oil and gas reserves, Somalia the Ministry of Petroleum and Mineral Resources announced.
“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.
Recently, the Somali President Mohamed Abdullahi Farmajo signed petroleum legislation into law to usher in a new frontier market in Africa as the strife-torn country hopes to transform its economy through new oil field discoveries. According to Seismic data obtained so far, there are indications that suggest there could be significant oil reserves offshore Somalia.
Shell and Mobil which had a joint venture on five offshore blocks in Somalia prior to the toppling of former government
Mohamed Siad Barre in the early 1990s, agreed to pay the government $1.7 million for historic leasing of the blocks.
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