Somalia takes big step towards licensing round
Mogadishu vote pushes major offshore find towards realisation amid rising security concerns
Somalia laid another significant paving stone on the road to its first ever licensing round to attract investment from international oil companies (IOCs) when the upper house of the federal parliament approved the third reading of its petroleum law in early January. But the landmark event coincided with a lethal wave of Islamist violence that may cause these same firms to pause for thought. The legislation has been working its way through the upper and lower houses for the past seven months. This week, 28 senators—of the 54 that were elected for the 2016-20 parliament—voted for the legislation. “This is a major step forward for Somalia and its people as the Petroleum Law is approved by the
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
