Settlement With Majors Boosts Somalia Bid Round

摘要

Somalia has settled historic financial claims with a joint venture of Exxon Mobil and Royal Dutch Shell, clearing the way for a deepwater bid round for blocks in East Africa's last significant unexplored offshore oil basin. A deal signed in Amsterdam on Jun. 21 covers surface rents for five shallow-water exploration areas held in force majeure by the two supermajors for the past 30 years. It also converts their old concessions into production-sharing agreements under Somalia's new petroleum law.