China’s CNOOC wins Somalia oil exploration rights

China’s state-owned CNOOC has been granted exploration rights by Somalia’s interim government, the Financial Times reported.

CNOOC (nyse: CEO – news – people ) met with Somali government officials last month to firm up details of its survey program, which is due to begin in September.

CNOOC’s rights cover northern Somalia’s Mudug region, following a production-sharing agreement signed in May 2006, which sets aside 51 pct of potential revenue for the transitional government.

Forbes