Somali government to be paid bonuses from China oil discoveries

The Somali government will receive big bonuses from CNOOC on any significant discoveries of oil it makes in the country, the Financial Times reported.

A production-sharing contract signed in May last year entitles the transitional federal government to 50 mln usd bonuses for any wells yielding over 200,000 barrels a day for 75 consecutive days, the paper said.