LONDON, June 6, 2014 /PRNewswire/ --
The Federal Government of the Republic of Somalia ("the Federal Government") is pleased to announce that Soma Oil & Gas Exploration Limited ("Soma") 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 ("SOA") agreed between the Federal Government and Soma on the 6th August 2013.
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. Under the terms of the SOA, this data will be gifted to the Ministry of Petroleum & Mineral Resources, Federal Government of Somalia ("the Ministry") through the creation of a data room, along with processed and re-processed historic seismic data collected prior to 1991.
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.
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.
H.E. Daud Mohamed Omar, Minister of Petroleum & Mineral Resources, said:
"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. The Federal Government is looking forward to further developing the hydrocarbons industry and engaging with international oil companies to conduct exploration work in Somalia."
SOURCE Federal Government of the Republic of Somalia