Somalia approves Coastline’s production sharing agreements
The government of Somalia has approved seven production sharing agreements (PSAs) it signed with US-based Coastline Exploration in February this year, the company said on October 21.
In line with the terms of the PSAs, Coastline has paid the agreed $7mn signature bonus to the Somali Central Bank. The PSAs cover offshore and deep-water blocks.
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The East Africa-focused company said it has invested over $50mn in Somalia and is committed for the long-term and plans for the development of the country’s offshore energy industry.
“Coastline’s PSAs will enable the company to proceed with plans to explore for oil and gas on the many prospects and leads identified in the waters offshore Somalia,” it said.
The company will now move forward with its exploration programme.