Somalia Federal President signs petroleum act law

SOMALILAND.COM – The President of the Federal Republic of Somalia, Mohamed Abdullahi Farmajo, has signed the Petroleum Act after the two Houses of Parliament have finalized the legal framework for its implementation.

The President pointed out the importance of the law to the Somali people and government, as this law guides the rights of our citizens by being a barrier to protect against corruption, foreign greed, and corruption

In addition, the implementation of the JFS Petroleum Act demonstrates to international investors the commitment of the Government and the Somali people to achieve the vision for the country’s stability and jointly move forward into the Commonwealth. progress.

President Mohamed Abdullahi Farmajo thanked both the Speakers of the Federal Parliament of Somalia, the Cabinet, lawmakers and all Somali experts who took part in the effort to make this a legacy law.

The Petroleum Act, adopted by the President of the Republic, is based on the country’s Petroleum and Mineral Laws, the Constitution and the Convention on Ownership, Management, and the Natural Resources Sharing Agreement signed in Baidoa.

Currently, Somalia does not produce any oil, however, seismic data has revealed the potential for substantial offshore oil reserves that could transform the country’s economy.

The Somali government hopes the petroleum law will help restore the confidence of big oil companies like ExxonMobil and Shell, who once held legacy blocks from the 1990s.