CAPE TOWN (Reuters) - Somalia has agreed an initial roadmap with a Shell\/Exxon joint venture to explore and develop potential offshore oil and gas reserves, the Ministry of Petroleum and Mineral Resources said on Monday. <\/p>\n
I am delighted we have agreed an initial roadmap with the Shell\/Exxon joint venture. This gives us confidence in (the)ability to further explore any offshore hydrocarbon potential, minister Abdirashid Mohamed Ahmed said in a statement. <\/p>\n
Last month Somali President Mohamed Abdullahi Farmajo signed petroleum legislation into law to help open up a new frontier market in Africa as the strife-torn country hopes new petroleum finds will help transform its economy. <\/p>\n
Seismic data suggests there could be significant oil reserves offshore. <\/p>\n
In October Shell and Mobil, which had a joint venture on five offshore blocks in Somalia prior to the toppling of dictator Mohamed Siad Barre in the early 1990s, agreed to pay the government $1.7 million for historic leasing of the blocks. <\/p>\n
Exxon Mobil and Shell were not immediately available to comment. <\/p>\n
Reporting by Wendell Roelf; editing by David Evans<\/p>\n
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Somalia agrees offshore oil exploration roadmap with Shell\/Exxon: minister - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" CAPE TOWN (Reuters) - Somalia has agreed an initial roadmap with a Shell\/Exxon joint venture to explore and develop potential offshore oil and gas reserves, the Ministry of Petroleum and Mineral Resources said on Monday. I am delighted we have agreed an initial roadmap with the Shell\/Exxon joint venture. This gives us confidence in (the)ability to further explore any offshore hydrocarbon potential, minister Abdirashid Mohamed Ahmed said in a statement Continue reading