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Someone explain: Why has this country not struck oil?

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A FLURRY of activity by emerging oil giant Petroleo Brasileiro is heating up speculation that Brazil may have enough oil....

 
 
                                                                                        
 

                      

         

                                                                                                 

 

 

At a press conference that was given by the Third Deputy Prime Minister and Minister for Energy of the Transitional Federal Government today at Mogadishu the Minister rejected the claims by Puntland State and Somaliland that they can go directly into Oil and Gas concessions.

The Minister referred to the Transitional Federal Charter that stipulates that; '.The Natural Resources of Somalia shall be Managed by the Transitional Federal Government..'.He also appealed to previous concession holders to submit their interests and work programs within six months or they shall forfeit their rights.

He further noted that the Resources of Somalia were a National issue that the Transitional Federal Government and Parliament had an issue to say on.

Source:03/03/2010 BBC Somali Section Business Briefings

 

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