Somalian PM Hopes to Tempt Oil Majors Back with Oil Law

Somalian Prime Minister Ali Mohamed Gedi hopes big oil companies will return to the country and said parliament is set to vote on a petroleum law to encourage this by providing a legal framework.

Gedi told Dow Jones Newswires last week: “The parliament will approve the law within two months.”


Large oil companies were awarded acreage before the country’s government collapsed in 1991 but have yet to return owing to years of political instability and violence.

To get their contracts confirmed, the companies “will have to comply to the terms of concessions agreements” demanded by the law, Gedi said.

Dow Jones Newswires