Somalia seeks to kickstart oil and gas

The country might seem like an unlikely destination for oil and gas investors, but the recent award of seven offshore blocks to US independent Coastline Exploration demonstrates how it is working to revive its upstream sector

Somalia is one of the last major unexplored petroleum frontiers. In the past, it attracted the attention of IOCs including ExxonMobil, BP, Shell, Chevron, Italy’s Eni and US superindie ConocoPhillips—all of which held large concession agreements before the 30-year civil war that suspended exploration. Now, following the recent increase in oil prices and positive legal and regulatory developments, Somalia is hoping to exploit its large, prospective offshore reserves. Security in Somalia remains a concern, but the offshore situation has been transformed, with no piracy incidents reported in the UN secretary-general’s report for the year ending 31 October 2021. The African Union Mission in Soma