Soma oil and gas that in June concluded a 122,000 sq km 2D seismic acquisition is set to benefit from blocks with an area of up to 60,000 sq km under a seismic option agreement with Ministry of Petroleum & Mineral Resources, Federal Government of Somalia.
Under the deal the government on the other hand will gain a hand on the data acquired to be stored in a ministry data room in Mogadishu.
The data that is currently undergoing processing, reprocessing and interpretation will identify leads and prospects by the end of the year with the Soma oil and gas exploration company having the first access to the results.
Although Somalia has been identified as having potential huge amounts of oil and gas offshore it has been largely under explored with the acquisition of the seismic hoped to accelerate the development of this potential.
“The Federal Government is looking forward to further developing the hydrocarbons industry and engaging with international oil companies to conduct exploration work in Somalia,” said H.E. Daud Mohamed Omar, Minister of Petroleum & Mineral Resources earlier in the year.
Soma Oil & Gas will also be the first exploration company in the 21st Century to commence activity across Somalia in consultation with the Federal Government, starting with seismic surveying to establish the full extent of the country’s oil and gas potential.
The USGS assesses resources in the East African region at 27.6 Bbo, 441 Tcfg and 13.77 Bb of natural gas liquids.