A foreign company with an oil exploration contract with the Somali government is looking for a company that can buy out its stake in the oil block.
Somalia which has faced decades of anarchy and militancy is viewed as a frontier for massive oil and gas fields .
Several companies have already started exploring oil in the war ravaged company.
Soma Oil, a British oil and gas exploration firm was the first to start farming out oil in Somalia.
A foreign firm believed to own stakes in a highly prospective oil block in Somalia has confirmed its interest to sell off its stake.
It is common practice in the oil exploration industry for companies to sell off oil blocks to other firms and make a profit.