Somali Signs Oil Exploration Deal with UK Firm

MOGADISHU, Somalia (AP) — Somalia's government has signed an oil and gas exploration deal with a newly formed British company, the first such agreement by a central government in Somalia following decades of conflict.

The deal with Soma Oil and Gas allows the company to conduct seismic surveys in Somalia's territorial waters and in limited onshore regions.

The company's chief executive, Robert Sheppard, said Tuesday that Somalia remains significantly underexplored in the oil and gas sector despite recent discoveries across East Africa. Uganda, Kenya and Tanzania are among nations with recent discoveries.

Somalia's Mogadishu-based government said it expects the deal will attract new development "in an area of immense economic potential" for the nation.

Somali and African Union troops ousted Islamic fighters from Mogadishu in 2011. Al-Shabab militants still control much of southern Somalia.

Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours