Mogadishu, Somalia – The Minister of Petroleum and Mineral Resources, Daahir Shire Mohamed, has stated that the nation’s energy sector is drawing significant international investments outside its key alliance with Turkiye, pointing to the seamless and trouble-free start of exploration efforts as evidence of stability.
During an extensive press conference, the minister fielded inquiries about the range of global partners in Somalia’s resource industry. He verified that alongside the strong defense and economic pact with Turkiye, prominent international entities, particularly from the United States, have obtained Production Sharing Agreements (PSAs).
“Several other firms are involved. We have finalized deals for seven blocks with Coastline Exploration and three blocks with Liberty Petroleum, a U.S.-based firm. These pacts are in effect and advancing as scheduled,” the minister added.
A major point in the minister’s remarks was the assurance that current offshore activities, such as the prominent seismic surveys under the Somali-Turkish partnership, have encountered no security issues.
“The Turkish agreement is progressing smoothly, and I confirm that no security incidents have taken place amid these operations,” the minister stressed.
This assertion counters persistent global doubts and reassures prospective investors that Somalia’s waters are safe for intricate exploration, production, and commercialization endeavors.
In addition to oil, the minister detailed initiatives to modernize the mining industry and halt unauthorized extraction.
Crackdown on Illegal Mining: The Federal Government is initiating campaigns to end uncontrolled resource draining in areas like Galmudug and Bari, guaranteeing that all mining is permitted and contributes to the national coffers.
New National Laboratory: The Ministry revealed intentions to create an advanced national laboratory. This center will enable Somali individuals and businesses to scientifically assess the nature and worth of local minerals, avoiding overseas sample shipments and minimizing deception risks.
The minister wrapped up by affirming that Somalia is “open for business,” boasting a regulatory structure and secure setting ready to back major energy initiatives poised to reshape the country’s economy.
