Petroleum Africa
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Wednesday, August 7, 2013
Soma Oil & Gas Exploration Ltd. signed an agreement with the government of Somalia to assist in the development of the country’s hydrocarbons sector, the first agreement signed since the country’s election in 2012. Under the terms of the agreement, Soma Oil & Gas will conduct a seismic survey in Somalia’s territorial waters in areas agreed with the government and in certain limited onshore areas.
Soma will also collate and reprocess historic seismic data using modern techniques, and prepare an evaluation of Somalia’s petroleum potential. Soma Oil & Gas will create a data room for the government, into which all available data will be placed.
The survey that Soma Oil & Gas conducts will give it the right to choose and obtain exploration and drilling rights under PSAs for prospective areas.
Soma Oil & Gas was founded earlier this year expressly with a view to exploring in Somalia.
Robert Sheppard, CEO of Soma Oil & Gas, said: “We formed Soma Oil & Gas having identified an opportunity to conduct exploration in Somalia as it emerges from a lengthy period of civil conflict. 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.”
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