Somalia poised for oil-based transformation
The government hopes that promising geology and attractive fiscal terms will attract the interest of IOCs to develop its offshore oil discoveries
Great excitement and interest accompanied Somalia’s recent launch of its first offshore oil and gas exploration licensing round, with more than 250 energy companies and investors attending the virtual roadshow. Enthusiasm is being fuelled by promising geology, top quartile fiscal terms, reduced concern about security issues offshore and the backdrop of a much improved political and economic situation in Somalia. Somalia has adopted a refreshingly professional approach to the licensing round, with legislation that ensures the sanctity of contracts and is more transparent and investor friendly than many other established petroleum provinces around the world. Encouragingly, two of the largest i
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
