On Tuesday, Somalia launched the first round of offshore licensing, which had been impossible to open on May 2020 as previously scheduled.
COVID-19 had forced the Federal Government of Somalia (FGS) to abandon the initial offering in May.
By launching this round, the government hopes to encourage prospective investors to bid for oil exploration rights.
According to an announcement posted on the official website of Somalia’s Ministry of Petroleum and Mineral Resources, the bids would remain open until March 2021.
The launch follows the recent appointment of a board and Chairman for the newly established regulator, Somali Petroleum Authority (SPA).