Somalia Aims for Oil Production by 2020

October 21, 2014

Somalia’s Petroleum Minister Daud Mohamed Omar announced that the country planned to take control over the hydrocarbon sector to produce oil within six years. The Ministry drafted bills for revenue sharing and downstream development, and submitted them to state governments for approval, Omar said in a statement at the second annual Somalia Oil and Gas summit in London.

Omar stressed that the government would protect the rights of concession holders; however, he warned that firms not “sit on the nation’s assets” by keeping force majeure clauses active.

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