CPC Corp Taiwan has announced that it would start exploring oil in Somaliland from as early as 2023.
The Taiwanese state-owned oil supplier made the announcement on December 28.
It announced this after signing a contract that gives it a stake in one of Somaliland’s oil fields.
CPC said that the agreement it signed is with Genel Energy PLC, a firm based in the United Kingdom.
The agreement gives CPC a 49 percent stake in the oil field.
According to the agreement, the oil block that CPC expects to start exploring is SL10B/13.
President Muse Bihi Abdi’s administration has already given approval for the exploration to kick off at the site.