Mubadala In Somalia Deal

Abu Dhabi’s state-owned Mubadala Petroleum has signed a cooperation agreement with Somalia’s Oil Ministry, perhaps hoping to be among the first aboard if and when the country’s security situation permits oil and gas exploration.

Mubadala says that the agreement follows talks this year between the UAE and federal Somali authorities aimed at finding “ways in which they might work together to further the development of the Somali petroleum sector.”

Last month, UK-based Soma Oil and Gas announced that it had completed a major 2D seismic survey of Somalia’s offshore area. The company says that processing of the data will continue until late 2014. Under the terms of the agreement signed with the Somali government last year, Soma’s seismic surveys grants it the right to bid for production sharing agreements to explore Somalia’s offshore area for oil and gas. (CONTINUED - 383 WORDS)