Somalia plans to launch its first Int'l bidding for oil exploration next year

CAIRO - Somalia plans to launch its first international bidding for oil exploration next year and has sought Egypt’s experience in this field, Egyptian Minister of Petroleum and Mineral Resources Tariq el-Molla has said.

Somalia’s chances for the discovery of offshore oil fields are rising because it has the longest coast in Africa, he said Friday.

During a meeting with Somalia's Minister of Petroleum and Mineral Resources Abdirashid Mohamed, el-Molla said that the visiting official “stressed his country’s pressing need to benefit from the Egyptian experience in the field of oil exploration and ways to issue international tenders.”

The Egyptian Minister indicated that Somalia has good prospects for discovering oil fields as well as benefiting from the experience of the Egyptian petroleum companies in research, exploration, and implementation of oil projects.

He reiterated that Egypt will have a key role in developing Somalia’s natural resources, a move that will impact the development of the country in general.

Mollah noted that such collaboration would also be beneficial for the Somali people who have long suffered from the economic repercussions of the civil war.

The Egyptian Minister pointed out that he agreed with his Somali counterpart to hold talks on further steps needed to improve the areas of cooperation in oil and exploration.

He stressed Cairo’s keenness to support the countries of the African continent and promote joint cooperation in all fields for the common interest of the African peoples.