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
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
