Somalia plans to start producing oil offshore in six years

LONDON (Bloomberg) -- Somalia plans to begin producing oil and gas offshore for the first time within six years and is in talks with state governments about how revenue will be shared, Petroleum Minister Daud Mohamed Omar said. The Horn of Africa country, which has been immersed in conflict for more than two decades, is proceeding tentatively on exploration to avoid creating new tensions, Omar said at the Somalia Oil & Gas Summit in London. Somali President Hassan Sheikh Mohamoud said in August the government expects to complete an assessment of its oil and gas potential this year.

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