Rich in hydrocarbons and possessing a favorable geological structure, Somalia holds huge opportunities for investors looking to enter the East African market, said the country’s Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed at the Africa Oil & Power conference.
“Nowhere is the contribution that the energy industry can make to civil society and economic development greater than in Somalia,” he said. Noting that the sector has the potential to greatly enhance stability and economic development.
On its path to transforming its petroleum industry and attract the attention of new investors, Somalia has made significant progress in recent years. This year, the country passed a new petroleum law which enabled it to make progress in exploration and development, and attract interest from oil and gas majors ExxonMobil and Shell.
“My ministry worked successfully with the six federal member states to develop an equitable and transparent framework for development, focused on the greater good of Somalia and all its people, whilst ensuring that we are highly competitive internationally to attract investment by delivering returns that are consistent with the risks and rewards of developing our off-shore industry,” said the minister