Somalia signs prospecting agreement with petroleum company

The federal government of Somalia through its Ministry of Petroleum and Mineral Resources reached an agreement with  a petroleum company registered in the United Arab Emirates in a bid to explore Somalia’s oil resources.

The  cooperation agreement between United Arab Emirates , Mubadala Petroleum Company and the federal government of Somalia and its territories in the first half of 2014 to consider ways of working together to develop Somalia’s petroleum sector according to statement released by Mubadala Petroleum Company.

As part of the engagement, Mubadala Petroleum has signed a cooperation agreement with Somalia’s Ministry of Petroleum and Mineral Resources aimed at sharing information, building the capacity of Ministry of Petroleum and Mineral Resources staff and, over time, developing upstream opportunities in Somalia.

Musabbeh Al Kaabi, Chief Growth Officer of Mubadala Petroleum hailed the agreement describing it as a strategic agreement which will allow Mubadala Petroleum to begin a long term relationship with Somalia’s Ministry of Petroleum and Mineral Resources to support its upstream sector.

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