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Tuesday, December 31, 2019
The Ministry of Petroleum and Mineral Resources of Somalia noted inaccurate media speculation regarding the forthcoming Licensing Round and launch of Production Sharing Agreements.
The Ministry confirms the Licensing Round has not been launched as reported, but affirms it will be in the New Year, following the passing of the Petroleum Law, which is anticipated in the near future.
The Ministry is committed to establishing an attractive fiscal and regulatory environment for the development of its hydrocarbon resources and its Production Sharing Agreements will reflect this when announced with the forthcoming Licensing Round.
The development of the industry represents a great opportunity for Somalia to continue with the development of its political and social infrastructure, with healthcare and education as top priorities.
Further announcements on the Licensing Round and Production Sharing Agreements will be made as appropriate.
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