MOGADISHU (Halbeeg News) – Somali government has denied oil exploration blocks will be unveiled for bids in the upcoming event in UK capital, London next month.
In a statement, Somali Ministry for Petroleum said the process for bidding oil exploration will be consulted as per the laws of the land and will at least take up to five years before actual production.
“To issue license will take at least one year after which the operations will follow for not less than five years,” the statement reads in part.
The ministry dispelled the media reports circulated online indicated that the federal government of Somalia was planning to bid oil exploration blocks to petroleum companies interested during the London conference.
“The ministry of petroleum and mineral resources is tasked to market the exploration of the natural resources in the country for the advantage of its people.” The statement said, “We want to assure to the citizens of the country that there are no blocks unveiled for bids during a conference in London.”
Somalia has huge oil and gas reserves according to a survey conducted by UK based Som oil and gas company on January 2015.
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