from SAAD MUSE in Mogadishu, Somalia
Somalia Bureau
MOGADISHU, (CAJ News) – THE discovery of commercial oil and gas in Kenya, Somalia, Tanzania and Uganda has re-assessed the petroleum prospectivity of East Africa.
Mozambique, in the southern bloc, also has vast potential.
Liberty Petroleum Corporation has announced the signing of three Production Sharing Agreements (PSAs) between the Federal Government of Somalia and Liberty’s affiliated company, PetroQuest Africa Corporation.
The three contracts (Blocks 131, 190 and 206) were signed at a ceremony attended by Abdirizak Omar Mohamed, Minister of Petroleum and Mineral Resources, Abdulkadir Aden Mohamud, CEO, Somali Petroleum Authority and Lane Franks, CEO of Liberty.
“After more than ten years of positive and fruitful dialogue with the Government of Somalia we are honoured to be signing these three exploration contracts,” Franks said.
“It truly is a collective achievement that is historic in nature. We are aware of the responsibility that now lies on our shoulders to explore and hopefully develop the petroleum resources within these blocks in a manner that delivers maximum benefit to the people of Somalia.”
Liberty has identified at least four potential source rock intervals which are expected to be present based on recent exploration results in East Africa.
Last Friday, Turkey signed a historic cooperation agreement with Somalia, pertaining to exploration and development of offshore oil and natural gas.
Turkey has years of experience in offshore energy exploration since it discovered gas in 2020 in the Black Sea.
Each of the PSA’s has an initial five-year term during which Liberty will evaluate existing seismic data with a view to high-grading areas to acquire 3D seismic surveys.
A United States Government report indicates Somalia may have at least 30 billion barrels of oil and gas reserves.
– CAJ News