A prosperous Somalia whose people benefit from, and contribute to, the prosperity and infrastructure development that hydrocarbon and mineral exploitation can bring.
To effectively capitalize upon Somalia’s natural resources and distribute the ensuing benefits fairly and proportionately amongst the Member States and the Somali people
The story of Somalia is being rewritten. The Petroleum Law, which was recently passed by Somalia’s Parliament,t marks a new chapter in our country’s history.
Late last month, we were also delighted to sign an agreement with Shell and ExxonMobil settling historic obligations and initiating a roadmap enabling the conversion of concessions into Production Sharing Agreements (‘PSAs’). We are at the beginning of a journey that could be key to sustainable development, poverty reduction, and the continued development of stable state and civil institutions.
This landmark new petroleum law, as its name implies, is about oil. It sets out the financial and regulatory framework that enables our Government to finally explore whether reserves of oil and gas exist, as so long suspected, off the Somalian coastline. But, even more importantly, the Law ensures that any oil discovered is the sole property of the Somali people today – and in the future. It will provide the necessary resources to invest in vital infrastructure that is so crucial for our future sustained prosperity.
