British Petroleum may soon start oil exploration operations in Somalia after the Somali republic made public that it had entered into a production concession
with a British company.
British Petroluem is already in last stages of sending ships to the Indian ocean coast of Somalia to explore the oil.
BP Will farm 60,000 square kilometers of highly prized marine located oil blocks with an estimated billions of oil barrels
Strategic Intelligence energy intelligence resource has followed the events in Somalia closely, particularly the war on terror led by the AMISOM and the economic growth efforts being put by different international players.
A visit to Mogadishu by British foreign secretary William Hague and the cementing of ties between Mogadishu and London significantly factored the British Petroleum contract with the Somali government .
British oil giant British Petroleum signed concessions with the Petrol Department for the Somali Federal Republic to explore oil and gas in the war raven East African nation.
The firm will farm out part of the 300 blocks created by the Petrol Department for the Somali Federal Republic.
Efforts to eliminate militancy and have a stable government in the country are favorable for foreign firm to employ resources required for oil exploration.
BP will resume oil and gas exploration in oil blocks which the 1991 government of Somalia has farmed out.
The out-put sharing contract is the first one so far in the new administration in Mogadishu.
Several other companies have also started negotiations and will soon sign contracts with the Somali regime.
