The Federal Government of the Republic of Somalia has announced that Soma Oil & Gas Exploration Limited has completed the offshore seismic acquisition programme across the Offshore Evaluation Area of 122,000 sq km as part of Soma’s commitment under the Seismic Option Agreement agreed between the Federal Government and Soma on the 6th\u00a0August 2013.<\/p>\n
The seismic acquisition programme carried out by Soma concluded in June 2014 with over 20,500 km lines of 2D seismic data. The processing of the seismic data is expected to be completed by the end of 2014.<\/p>\n
Under the terms of the SOA, this data will be gifted to the Ministry of Petroleum & Mineral Resources, Federal Government of Somalia through the creation of a data room, along with processed and re-processed historic seismic data collected prior to 1991.<\/p>\n
According to Minister of Petroleum and Mineral Resources Daud Mohamed Omar the acquisition demonstrates the government\u2019s commitment to kick start the oil and gas industry in Somalia.<\/p>\n
“This significant milestone not only demonstrates the Federal Government’s commitment to re-opening Somalia’s oil and gas industry which will see economic and social developments for the country and the people of Somalia, but further confirms that the historic security risks associated with Somalia are continuing to diminish,” says Mohamed.<\/p>\n
Through effective collaboration between the Federal Government and Soma, significant steps have been made in accelerating the pace of exploration and development activity in Somalia. Completion of the seismic acquisition programme on budget and on schedule, with no security or HSE incidents, also demonstrates that operational conditions exist in Somalia permitting international oil companies to conduct exploration work safely and efficiently.<\/p>\n
The Ministry will be evaluating the results of the seismic acquisition programme and then develop a plan to initiate further exploration work in the evaluation area and elsewhere in Somalia.<\/p>\n
\u201cThe Federal Government is looking forward to further developing the hydrocarbons industry and engaging with international oil companies to conduct exploration work in Somalia,\u201d he added.<\/p>\n
Soma Oil & Gas CEO Robert Sheppard says focus now shifts to analyzing and processing data that will guide the company in further activities.<\/p>\n
\u201cOur efforts are now focused on the processing, reprocessing and interpretation of the seismic data in order to identify leads and prospects by the end of 2014. \u00a0At that point, Soma Oil & Gas will be ready to apply for PSAs in the areas of most interest to the Company,\u201d says Shephard.<\/p>\n","protected":false},"excerpt":{"rendered":"