Government signs 7 Production Sharing Agreements to launch exploration for hydrocarbons offshore Somalia with Coastline Exploration Limited - 19 February 2022
Country
Year
2022
Summary
The Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia ("MoPMR") and the Somali Petroleum Authority ("SPA") are delighted to announce the signing of seven Production Sharing Agreements ("PSAs") with Coastline Exploration Limited ("Coastline") launch the exploration for hydrocarbons offshore Somalia.
Also included is a statement the Office the Auditor General Somalia nullifying the contracts: hereby declares nullification of Petroleum pact signed by the Minister on behalf of FGS. The deal contravenes Presidential Decree 7/8/2021 which bans the inking of deals during elections so as to protect public resources from exploitation during the elections.