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Wednesday, 8 May 2013

Somalia to sign off oil exploration contracts

The head of Somalia’s state-owned Somalia Petroleum Corporation has said that the country plans to sign 30 oil and gas production-sharing contracts this year.

Three of the international companies operating in Somalia in the 1980s – Royal Dutch Shell, Eni and ConocoPhillips – are reportedly saying they are ready to operate again in Somalia.

BP is also said to indicate interest. The government in Mogadishu is reviewing legislation to manage oil and gas exploration and exploitation.