The Federal Government of Somalia (FGS) has re-signed its controversial oil deal with an American firm.
Somalia re-signed the deal with Coastline Exploration on Thursday, October 20.
The newly announced deal features five new amendments that both parties agreed upon after months of fresh renegotiations.
Initially, the two parties signed the first deal early this year in February 2022.
Abdirizak Mohamed, the federal Minister of Petroleum and Minerals, announced the fresh deal.
Mohamed stated that they reviewed the first agreement to correct the entire process and provisions.
Somalia’s Office of the Attorney-General worked closely with a team of international lawyers on specific changes while adhering to the laws of the country.
According to Coastline Exploration, each field in the agreement has the capacity to produce around 100,000 barrels of oil per day.