Somalian parliament approves new petroleum law

The upper house of Somalia’s parliament has approved a new petroleum law, which aims to provide a regulatory framework which will help to attract investment in exploration by major oil companies.

 

The country currently does not produce any oil but production could transform the economy as seismic data has shown there could be significant oil reserves offshore.

 

The new law will establish revenue sharing between the central government and states and will provide a legal framework for an industry the country hopes will bring jobs after decades of conflict.

 

Source: Energy-pedia