Somalia Intends To Produce The First Oil In Its History By The End Of The Year
Development will be carried out at fields in the states of Galmudug, South-West and Jubaland.
Somalia will begin producing oil on its territory for the first time in history later this year. This was reported by the Garowe portal with reference to the Minister of Petroleum and Mineral Resources of Somalia Abdirizak Omar Mohamed.
It is expected that the first oil will be produced from fields in the states of Galmudug, South-West and Jubaland.
In October 2022, Somalia signed an agreement to develop oil reserves with the American company Coastline Exploration.
The agreement, based on a production sharing principle, gives Coastline Exploration the right to explore for oil in seven blocks. Geoseismic studies have shown that Somalia has potential oil and natural gas reserves equivalent to 30 billion barrels.
