Somalia’s energy sector poised for take off
Somalia’s Minister of Petroleum & Mineral Resources says the upcoming offshore 15 block licensing round is a ‘game-changing development’ that will benefit the entire population
If you were to ask where one of the world’s most significant hydrocarbon investment opportunities is located, not many would say Somalia. But, increasingly, it is recognised as a potentially huge, secure and fiscally attractive frontier prospect poised for take-off. In a turbulent region, this game-changing development will play a key role in transforming the lives of its people. The federal government has put in place a unique revenue-sharing agreement with our member states, which are set to receive an unparalleled up to 70pc of potential future petroleum revenues. Small but symbolically important early revenues from surface rentals paid by Shell and ExxonMobil are going to be distributed
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