Mogadishu, Somalia – Petroleum and Mineral Resources Minister, Daahir Shire Mohamed, stated that the country is drawing significant international investment into its energy sector, highlighting that exploration efforts have started without any security issues.
During a press briefing in Mogadishu on Friday, the minister explained that Somalia’s collaborations reach further than its key partnership with Turkiye. He verified that U.S. companies Coastline Exploration and Liberty Petroleum have secured Production Sharing Agreements for a combined 10 offshore blocks.
“There are indeed other companies. We have seven blocks under agreement with Coastline Exploration and three with Liberty Petroleum. These agreements are advancing on schedule,” Mohamed said.
He further mentioned that seismic surveys initiated through the Somali-Turkish energy agreement have continued smoothly, emphasizing that the lack of security incidents should ease concerns for investors in Somalia’s offshore areas.
Mohamed detailed fresh initiatives to bolster the mining industry, such as a government campaign against illegal mining in areas like Galmudug and Bari. He indicated the ministry plans to establish a national laboratory where locals and firms can test mineral samples on-site, curbing fraud and eliminating the need to ship samples overseas.
The minister declared Somalia now “open for business,” citing enhanced security and modernized regulations that he expects will enable substantial energy and mining ventures to transform the nation’s economy.
