Soma Oil & Gas Inks Somalia Exploration Deal

Soma Oil & Gas Exploration Limited has signed an agreement with the Government of Somalia to assist in the development of the country’s hydrocarbons sector.

This represents the first agreement in Somalia’s oil and gas industry since the election of President Hassan Sheikh Mohamud and the appointment of an internationally recognized Government in 2012 following decades of civil war, the company said.

Under the terms of the agreement, Soma Oil & Gas will conduct seismic surveying in Somalia’s territorial waters in areas agreed with the Government and in certain limited onshore areas.

The survey that Soma Oil & Gas conducts will give it the right to nominate and obtain exploration and drilling rights under Production Sharing Agreements for prospective areas.

Soma Oil & Gas was founded earlier this year expressly with a view to exploring in Somalia.

“Despite large recent discoveries in East Africa, Somalia remains a significantly underexplored region. We believe that this agreement to assist the Government and the work that is due to be carried out over the next 12-18 months will provide significant momentum for the oil and gas sector in Somalia,” Robert Sheppard, CEO of Soma Oil & Gas, said.