Somalia could enjoy unparalleled growth economically and fiscally after the Federal Government of Somalia launched the oil and gas exploration.
Mark Henderson, the Chief Financial Officer (CFO) of Sirius Petroleum, said this on Monday, November 9.
Henderson labeled Somalia “one of the world’s last true oil and gas exploration frontiers.”
The country has made several steps designed to encourage investments in oil and gas exploration.
These include ratifying the Petroleum Law and Resources Revenue Sharing Agreement and establishing the Somali Petroleum Authority (SPA).
The decision the country took to launch the Production Sharing Agreement, which has attracted international interest, has also increased the flurry of activities in the sector.
In the 1980s, Somalia was on its way to becoming a leader in oil and gas exploration because of the “presence of onshore working hydrocarbon systems.”
However, all that disappeared when the country went into the civil war of the 1990s.
Henderson urged authorities in the country to continue investing in security and eliminate corruption to make its oil and gas exploration exercise a true success.