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Wednesday, November 2, 2016
Somalia has made official its intention to launch its first ever offshore bid round. Jamal Mursal, Permanent Secretary of the Ministry of Petroleum and Mineral Resources, told delegates at Africa Oil Week in Cape Town, that the opening of the bid round will come in Q2 2017 and that detailed plan, documents, and data sets for the blocks will be available in March 2017.
The blocks available are offshore Galmudug, Hirshabelle, and South West Federal Member States. Significant 2D seismic survey data was already acquired over 2014-16 and is being managed and brokered by Spectrum. Mursal said three new basins were identified: Jubaland Deep Basin, Mogadishu-Baraawe Deep Basin, and Galmudug Deep Basin.
Legacy data held by CGG will also be available.
Mursal says that the Production Sharing Agreement Model has been finalized by government, including fiscal terms, and it is currently working on finalizing the legal and regulatory framework.
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