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The Government of Somalia is set to launch offshore licensing rounds to the exploitation of seven offshore oil blocks in Mogadishu.
The Ministry of Petroleum and Mineral Resources has invited companies to place bids starting on August 4, 2020, until March 12, 2021. The initial round will be done online due to the restriction brought by the COVID-19 pandemic.
The proceeds from the oil and gas exploration will be used for the promotion of renewable and self-sustainable economy. The Ministry has agreed for an initial road map with the joint venture of Shell and ExxonMobil for the oil offshore exploration in accordance with the recently passed Petroleum Law.
