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Somalia Oil Blocks Put Up for Initial Bidding

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Somalia has officially opened the first round of bidding for oil exploration, even as critics charged there was insufficient law to manage the programme.

"The process will be transparent and take for one year, said Mohamed Abdikadir Hilaal, Somalia's Deputy Minister for Petroleum and Mineral Resources.

Somalia will only officially sign an exploration agreement when the Extractive Income Tax Law is enacted," the deputy minister said.

Mr Ilyas Ali Hassan, the Chairman of the Natural Resources Committee of the Somali Senate argued Somalia may be short-changed at a time of low global oil prices, changing focus away from fossil fuels and during a political season in Somalia.

"The oil price is in the lowest ever and the world is fighting for the Coronavirus Pandemic plus Somalia is fighting floods from Qardho, Beledweyne to Bardhere," he told The EastAfrican.

Source: allAfrica.com
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