Somalia and Spectrum Geo Launch a Special Website

Somalia’s Parliament Approves Petroleum Law Legislation
POSTED ON MAY 30, 2019

During a parliamentary sitting on 18 May the lawmakers of Somalia’s federal government gave their approval to a new Petroleum Law and Revenue Sharing Agreement. This development confirms terms outlined in the country’s first offshore licensing round which was launched in February 2019 and is due to close on 7 November 2019.

It is understood that President Mohamed Abdullahi Mohamed Faramaajo will very shortly sign the 2019 Petroleum Law into effect, having gained support from all of the federating Somali states.

“This is a landmark in the development of Somalia’s natural resources, which will be transformational for the country’s development,” Minister of Petroleum & Mineral Resources, Abdirashid Mohamed Ahmed stated.

“The Ministry has worked successfully with the federal member states to develop an equitable and transparent framework to develop natural resources for the greater good of Somalia and all its people”, he added. “Production sharing agreements (PSAs) can now be signed, wherein the first phase will involve planning and mobilising to acquire seismic data and the drilling of exploration wells over 2020 and 2021”.

In order to equip oil and gas explorers with key geological insight ahead of the offshore licensing round, Spectrum has completed acquisition and processing of 20,185 km of 2D long-offset seismic data. This data was acquired following a co-operation agreement with the Federal Government of Somalia and complements 20,500 km of existing seismic data that was acquired in 2014.

The survey design, which covers water depths of 30 m to 4,000 m, has allowed for seismic coverage over the shelf, slope and basin floor with dip, strike and recording time intervals suitable for defining a range of leads and prospects. Modern processing algorithms were applied to the raw data to achieve optimal imaging of steeply-dipping extensional and compressional features and illumination of subtle amplitude anomalies.

Final Pre-Stack Time and Depth products are available now.

Discover more about the license round, the geology of this area and Spectrum’s associated seismic coverage on our unique interactive LICENSE ROUND STORY MAP. You can also visit the official license round website at somalialicensinground.com.

https://www.spectrumgeo.com/press-release/somalias-parliament-approves-petroleum-law-legislation
 
You guys actually believe the anarchists who are trying to block Puntland from building a fishing port in Eyl and a new airport in Galkacyo, will actually pave streets ?

N&N will fill their pockets and make Nigerian crooks look like angels by comparison.

May N&N never see a dollar of Oil profit, Aaameen.
 
Forget passing petroleum laws, why are there no development funds and laws being set up?
Imagine N&N filling their pockets and hiring a large militia to put down protesters. This is the scary reality we are facing.
 

kickz

Engineer of Qandala
SIYAASI
VIP
Forget passing petroleum laws, why are there no development funds and laws being set up?
Imagine N&N filling their pockets and hiring a large militia to put down protesters. This is the scary reality we are facing.
I am a fatalist, if the public sees even 10% of all funds then we will be in a situation that is 100 times better than the current one.:wow1:
 

Shaolin23

Seeker of knowledge and truth
VIP
You guys actually believe the anarchists who are trying to block Puntland from building a fishing port in Eyl and a new airport in Galkacyo, will actually pave streets ?

N&N will fill their pockets and make Nigerian crooks look like angels by comparison.

May N&N never see a dollar of Oil profit, Aaameen.
Do you have any proof N&N engages in corruption similar to past administrations
 
You guys actually believe the anarchists who are trying to block Puntland from building a fishing port in Eyl and a new airport in Galkacyo, will actually pave streets ?

N&N will fill their pockets and make Nigerian crooks look like angels by comparison.

May N&N never see a dollar of Oil profit, Aaameen.
Why do you care? There is no one pumping oil from Puntland in the forseeable future. And no one is blocking your fishing ports. Unlike Puntlands leadership FGS has not blocked or spoiled any development that is not threat to this country's integrity.

Federal Parliament passed this petroleum law. A parliament that has representatives from Puntland passed it with absolute majority. You accuse FGS for anarchism while Puntland doesnt even pay federal taxes like they should.


Your regional goverment is doing tax evasion and you are accusing reer muqdisho of anarchism.
:susp:
 
Just today they tried to block Puntland from developing Eyl. Mogadishu being spoilers of development is almost a daily occurrence.
It like you want there to be confrontation and you often parrot things on here without any proof. You called them corrupt without evidence and you often use the word anarchist maybe you should google the definition. The deal was facilitated by the FGS.


You cannot provide a single example of actual corruption. Stop saying things for the sake of saying it or because you think it’s what you should say.
 

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