Soma Oil was incorporated on 26 April 20132 . Somalia's energy sector poised for take-off. Somalia expects to announce winners of first petroleum auction early 2021. The country is offering seven offshore blocks towards the South East of the country. In terms of financial management, . Somali Petroleum Authority Aug 2020 - Present 1 year 7 months. 14/10/2020, 4:13 pm. Somalia's Minister of Petroleum and Mineral Resources, H.E. The establishment of the Somali Petroleum Authority and launch of a licensing round may be undermined if the replacement of the ousted prime minister is not seen as legitimate Inaugural Somali regulator plots confident course. VOA was reporting on Coastline Exploration, the successor company to Soma Oil & Gas. The United Nations family in Somalia extends warm greetings to all Somalis on the occasion of Eid-al-Fitr. Somali Petroleum Authority Jul 2020 - Present 1 year 10 months. Siva Prasad, senior analyst at Rystad Energy, says that the passing of this law resolved a key barrier to exploration offshore . Mohamed Sheikh Nor 2/21/2022. Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior government oil official said on Wednesday. (Bloomberg) -- Somalia's top leaders have disavowed a hydrocarbon exploration deal signed by the country's Ministry of Petroleum and Mineral Resources with U.S . Siva Prasad, senior analyst at Rystad Energy, says that the passing of this law resolved a key barrier to exploration offshore . This subreddit is dedicated to somali pictures, music and news. Ibrahim Ali Hussein was appointed the first chairman and CEO and of the Somali Petroleum Authority (SPA), at the end of July, at a critical point in the development of the country's . In 2020, the government passed a petroleum law under which the Somali Petroleum Authority was established to regulate the industry and guide deals with international contractors. In a bid to accelerate productive exploration, in July 2020, the Ministry of Petroleum and Mineral Resources established the Somali Petroleum Authority (SPA), an entity responsible for regulating the development of the oil and gas industry by applying principles of equality, openness, accountability, transparency and non-discrimination, all in . Mogadishu Country Director African Development Solution . Petroleum Minister summoned by AG over oil deal. Mogadishu, Somalia Federal Government of Somalia Senior Economic Advisor Ministry of Petroleum and Mineral Resources Nov 2014 - Present 7 years 6 months. In 2020, the government passed a petroleum law under which the Somali Petroleum Authority was established to regulate the industry and guide deals with international contractors. In 2020, the government passed a petroleum law under which the Somali Petroleum Authority was established to regulate the industry and guide deals with international contractors. Abdirashid Mohamed Ahmed, has confirmed his participation at African Energy Week (AEW) in Cape Town, where he will […] We are honored and excited to be part of its future development. Ensuring Qualifications Somali Petroleum Authority board has been approved by the Mogadishu government ahead of licensing round You have 1 free article remaining Subscribe now for unlimited access or become . Somalia discovered oil in 1950 but the civil war caused companies including Exxon Mobil to halt operations. Mogadishu, Somalia +252-614-699654 ceo@hbs.gov.so East Africa-focused oil and gas company Coastline Exploration has signed seven Production Sharing Agreements ("PSAs") covering offshore, deep-water blocks of the Federal Republic of Somalia. Ku soo dhawaada /r/Somaliweyn. The launch of the 2020 Somali Bid Round after ratification of the Petroleum Law and Resources Revenue Sharing Agreement, the establishment of the Somali Petroleum Authority (SPA) and an internationally competitive Production Sharing Agreement, all potentially herald a flurry of activity which Somalis hope will replicate the extraordinary . . More info Events & Adverts . Coastline, established in 2018, said that the PSAs enabled Coastline to proceed with plans to explore for oil and gas "on the many prospects and . Mohamed Sheikh Nor 2/21/2022. Consequently, the new licensing round for seven blocks has the potential to generate much greater revenue for Somalia and its regions. Ibrahim Ali Hussein was appointed the first chairman and CEO and of the Somali Petroleum Authority (SPA), at the end of July, at a critical point in the development of the country's . Somalia's cabinet approved the board members of the Somali Petroleum Authority (SPA) on 30 July, passing a significant milestone as the Ministry of Petroleum and Mineral Resources prepares to launch its first licensing round on 4 August. . Click Here. Somalia has finally appointed a board and chairman to guide the new Somali Petroleum Authority, the challenge is now to attract suitors into the troubled Horn of Africa 30 July 2020 16:32 GMT . Somalia having the potential to become one of the most significant hydrocarbon players in offshore East Africa," said . In a tweet about two months ago, Ahmed announced an oil deal agreement between the federal government of Somalia and American firm . At AOW Virtual, Mr Hussein outlined the role of the newly formed Somali Petroleum Authority, explaining how the independent body will work inclusively with States and the Federal Government to . Somalia Co-Founder Premier Health Services Inc. Mar 2013 - Present 9 years. The Somali Petroleum Law set out the role of the SPA as the government's regulator. The Somali Ministry of Petroleum & Mineral Resources has approved board selections for the fledgling Somali Petroleum Authority (SPA), appointing Ibrahim Ali Hussein as the regulator's first chairman and chief executive officer ahead of the launch next week of a delayed licensing exercise. The Petroleum Law, ratified on 8th February 2020, provided for the establishment of the SPA to be the competent Government authority to regulate the development of the oil & gas industry, applying regulatory principles of equality, openness, accountability, transparency and non-discrimination in the interests of all the Somali people. Agaasimaha Guud oo kulan muqdiaho kula qaatay Ganacsatada Soomaaliyeed. Opinion article by Mark Henderson, CFO of Sirius Petroleum plc and previously senior oil and gas analyst Source: Share this In the late 1960s, UN geologists also discovered major uranium deposits and other rare mineral reserves in Somalia. It extends from just south of the Equator northward to the Gulf of Aden and occupies an important geopolitical position between sub-Saharan Africa and the countries of Arabia and southwestern Asia. Please be sure to check out our FAQ before posting. Regulate Decisions Regulating and issuing of Authorized decisions orders under the law. The signing ceremony was witnessed, amongst others, by the Chairman & CEO and Vice-Chair of the Somali Petroleum Authority. The Somalia Petroleum Authority rejects view that controversial deal signed with US independent is "unfair" to country . The law established the Somali National Oil Company, which will participate in petroleum operations, as well as the Somali Petroleum Authority, which will act as a regulatory body overseeing oil . The bill also finalised fiscal terms, established the Somalia Petroleum Authority and Somali National Oil Company (SONOC). The Government of Somalia has approved the board members of the Somali Petroleum Authority (SPA) and appointed Ibrahim Ali Hussein its first Chairman and Chief Executive Officer. Yet the company wants to pursue oil and gas exploration in Somalia. Newly appointed Somali Petroleum Authority chairman and CEO Ibrahim Ali Hussein speaks to Petroleum Economist about his hopes for the Somali oil and gas industry. Previously, Anderson was a member of the Board of Directors of Eurasia Drilling Company Limited (LSE) from July 2008 until July 2019. The law established the Somali National Oil Company, which will participate in petroleum operations, as well as the Somali Petroleum Authority, which will act as a regulatory body overseeing oil and gas activity. MOGADISHU, Somalia - Abdirashid Mohamed Ahmed, Somalia's Petroleum and Mineral resources minister, will on Monday [today] appear before Attorney General Suleiman Mohamud, who will interrogate him over a clandestine oil deal, which has caused jitters in the country. The committee, announced by the Somali Petroleum Authority (SPA), is tasked with boosting the oil and gas industry. Soomaaliya Somali baa leh! The appointment of Ibrahim Ali Hussein as the SPA's first chairman and CEO is not a surprise. Somalia's cabinet approved the board members of the Somali Petroleum Authority (SPA) on 30 July, passing a significant milestone as the Ministry of Petroleum and Mineral Resources prepares to launch its first licensing round on 4 August. The Central Bank of Somalia is the official monetary authority of Somalia. The Somalia Petroleum Authority launched the country's first-ever offshore round in May 2020 offering seven blocks in the offshore which runs into the Indian Ocean and Gulf of Aden. Geoseismic studies have shown . Response to Media Speculation . The Office of Somalia's prime minister Mohamed Hussein Roble has issued a statement regarding an agreement that the Somalia Ministry of Petroleum has entered into with a US oil exploration company. Consequently, Jubaland and Puntland have rejected the law. 22 April 2022 Mogadishu, Somalia: The Somalia Petroleum Authority ("SPA") notes the article published by Voice of America on 19 April and issues the following response.. Petroleum Law of 2020 resulting into expedited filling of key positions in the Somalia Petroleum Authority with persons close to those in political leadership (Gundel, 2020; Roelf, 2020). The resource sharing agreement from the 2018 Baidoa meeting also needed to be reflected in the law, and the role of the Somalia Petroleum Authority (SPA) had to be clarified. 2.6 to establish the Somalia Petroleum Authority as the competent regulatory authority to regulate Petroleum Operations, applying regulatory principles of equality, openness, accountability, transparency and non-discrimination; 2.7 to establish Somalia Petroleum Corporation as an entity Controlled by the Government The Petroleum Law 2008 states that: Please be informed, that the SPA is collating all these requests for clarification and will respond to these questions following the announcement of the new timeline. The new Petroleum Act paves the way for creation of a state-owned oil company with authority to sign exploration deals with foreign entities that have been lining up for the country's more than 200 petroleum blocks. Backed by a reformed Petroleum Law, the establishment of a new Petroleum Authority, and the first-ever licensing round, Somalia is positioning itself as the premier destination for African exploration. Siva Prasad, senior analyst at Rystad Energy, says that the passing of this law resolved a key barrier to exploration offshore Somalia. Box 833 Entebbe Uganda +256 313 231 600 , +256 417 896 600 The law, which was approved by parliament in May 2019 includes a revenue-sharing agreement that provides for revenues from any eventual oil production to be distributed through the country's federal states. It includes representatives from the federal government and regional member states to oversee petroleum exploration and development. The Petroleum Law 2008 (a federal law which purports to apply across Somalia, including the semi-autonomous regions) suggests that FGS is the appropriate authority to contract with in respect of oil and gas exploration and exploitation. Welcome to the Somaliweyn (Greater Somalia) Reddit community for sharing pictures and music of Greater Somalia and all Somalis around the world. W. Richard Anderson, Chief Executive of Coastline, commented, " Somalia contains the largest remaining unexplored set of basins situated in warm waters in the world. To date, Somalia's legislation provides no clear guidance. Thursday, August 6 2020. The Federal Republic of Somalia Somalia, easternmost country, located in the Horn of Africa with the longest coastline on Africa's mainland. Ministry of Petroleum and Mineral Resources Resources Petroleum Our goal is to use the country's resources to contribute to create lasting value to society. William Richard Anderson is Coastline's CEO. Two decades of civil war and ongoing natural disasters including droughts and. Bill also finalised fiscal terms, established the Somalia government & # x27 s... 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