Coastline Exploration signs seven production sharing agreements in the Federal Republic of Somalia
HOUSTON, February 21, 2022 /PRNewswire/ — Coastline Exploration Limited (“Littoral“), the upstream oil and gas company focused on East Africaannounces that it has signed seven production sharing agreements (“PSAs“) covering the deepwater offshore blocks of the Federal Republic of Somalia. These PSAs allow Coastline to pursue its oil and gas exploration plans on the many prospects and tracks identified in these offshore blocks.
W Richard AndersonCEO of Coastline, said: “Somalia contains the largest set of remaining unexplored basins located in warm waters anywhere in the world. We are honored and excited to be part of its future development. The government of Somalia and the Ministry of Petroleum have spent a lot of time and effort to ensure that the country has the proper legal and administrative infrastructure to support oil and gas exploration with the passage of the Petroleum Law, l adoption of the Revenue Sharing Agreement between the Federal Government and its member states and the establishment of the Somali Petroleum Authority to provide continued support for the expected growth in the sector”.
Jake UIrich, President of Coastline, continued “After a rigorous negotiation process, we are delighted to have signed these first PSAs with the Somali government. This marks a watershed moment for the country. other oil and gas companies join us in our quest for commercial discoveries through the ongoing licensing round and also through direct negotiations with the Somali oil and gas authorities.Revenue from the discovery of commercial quantities of hydrocarbons could be a major asset for Somalia from which the government could finance investments in education, infrastructure, health care and other vital services, which will benefit all the inhabitants of Somaliaincluding women and minorities, helping to ensure continued economic growth and improved living standards. »
The signing ceremony was attended by, among others, the Chief Executive Officer and Deputy Chairman of the Somali Petroleum Authority who underscored their desire for the expected economic and social benefits for the people of Somalia.
About Shoreline Exploration
Founded in 2018, Coastline Exploration was created to help develop the hydrocarbon industry in East Africa. Following the discovery of commercial quantities of oil in Kenya and Ugandaassociated with world-class offshore gas reserves in Tanzania and mozambiqueCoastline Exploration believes there is enormous potential for further significant oil and gas discoveries in the region.
Dan of Belder/Francis Kerrigan
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