Somalia is preparing for a bid round covering seven blocks in its offshore with the official opening due on August 4. The closing date is March 12, 2021, Somali Minister of Petroleum & Mineral Resources Abdirashid Mohamed Ahmed said. The areas on offer are Blocks 152, 153, 164, 165, 177, 178 and 204, the minister said. Once blocks have been awarded, production-sharing agreements will be negotiated and signed. The offering is taking place in “challenging global circumstances with a negative impact on humanity and the global economy”, Ahmed said on a webinar organised by IHS Markit. The round is Somalia’s first ever licence round. Mogadishu sees revenues from the hydrocarbon sector as a catalyst for the economy to become dynamic and self sustaining, the official said. Somalia’s Petroleum Law was officially ratified in February this year. This legislation set out how revenues from hydrocarbons would be distributed, between the […]