The Federal Government of Somalia (FGS) plans to announce the results of the first petroleum auction in early 2021.
Somalia organized the auction to help it acquire funds for rebuilding its struggling economy.
A senior official of the FGS made this announcement on Wednesday after the country declared the auctioning of the country’s oil and gas resources officially opened on Tuesday.
The Horn of Africa nation has made seven deep water offshore blocks available to investors.
Ibrahim Ali Hussein, the newly appointed CEO of the recently established Somali Petroleum Authority (SPA) made Somalia’s plans public on two days ago.
“We expect to complete going through all the tenders and bids in early 2021 thus setting the stage to announce the winners in the first quarter,” Hussein said.
Previously, the government had announced plans to open 15 blocks in the first round but backed down and made only seven available.