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Somalia Signs $7 Million Oil Exploration Deal with US Company

Eunniah MbabazibyEunniah Mbabazi
October 21, 2022
in African News, Mining
Reading Time: 2 mins read
Somalia Signs $7 Million Oil Exploration Deal with US Company

Somalia’s government signed an oil-production sharing agreement with US-based Coastline Exploration Ltd., the latest step toward developing the country’s energy industry.

Coastline, based in Houston, Texas, paid $7 million to the government for seven agreements and will now proceed with an exploration program, the government said in a statement on Friday.

Bloomberg reports that the deal was signed after a review of an accord signed in February that was deemed illegal by the Horn of Africa nation’s former government.

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Somalia is one of the last major unexplored petroleum frontiers globally. In the past, it attracted the attention of international oil and gas majors – ExxonMobil, ConocoPhillips, BP, Shell, Chevron and ENI all of whom held large concession agreements in the country.

30 years of a tragic civil war has led to a protracted hiatus in petroleum exploration in Somalia since then.

The country’s offshore waters may contain at least 30 billion barrels of oil reserves, according to Spectrum Geo, a company that conducted a seismic study of Somalia’s offshore basins in 2014-2015.

See Also:

TotalEnergies Faces Environmental Charges Over Uganda’s Crude Oil Pipeline


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