Somalia’s cabinet has approved the members of the Somali Petroleum Authority (SPA).
Somalia is preparing for a bid round covering seven blocks in its offshore with the official opening due on August 4.
Somalia has reached an “initial roadmap” with a Shell and ExxonMobil joint venture on offshore exploration.
Somali President Mohamed Abdullahi Farmajo has ratified the country’s Petroleum Law.
Higher insurance premiums for maritime work in the Indian Ocean is out of step with reality, according to Dryad Global’s annual report.
Somalia is taking steps to attract foreign investment to its energy sector but challenges remain, most notably in how the federal government can integrate its policies with those of the state governments.
Families of the eight Sri Lankan crew members held captive by Somali pirates on an oil tanker have pleaded for the men to be released unharmed, while the pirates demanded a ransom.
Sterling Energy made a loss after tax of $1.6million in the third quarter of 2015, as production from its main Mauritanian asset began to decline.
Soma Oil & Gas has called for a meeting with the United Nations (UN) to discuss allegations regarding its dealings in Somalia. The move comes after the company became the subject of a criminal investigation by the Serious Fraud Office (SFO) in relation to alleged corruption. Soma, which is chaired by former Conservative Party leader Michael Howard, wants to arrange talks with UN Security Council Committee chairman Rafael Dario Ramirez Carreno.