(Press Release):THE CABINET OF THE FEDERAL GOVERNMENT OF SOMALIA APPROVES PETROELUM REGISTRY RESOLUTION
The Cabinet of the Federal Government of Somalia approved on Thursday Petroleum Registry Resolution. The purpose of the Petroleum Registry is to record the various petroleum interests (contracts, concessions, etc.) held by firms that recognize their right to conduct petroleum operations within the territory of the Federal Republic of Somalia (FRS).
Ministry of Petroleum and Mineral Resources (MPMR) of the Federal Government lacks copies of most of the existing contracts, agreements, or other documentation between prior regimes and petroleum companies who assert rights to conduct petroleum operations in the FRS. In order to recreate the data necessary for the administration of these contracts, the Cabinet established a Petroleum Registry, to be administered by the MPMR.
Petroleum Registries are widely used for the administration of petroleum interests by governments. It is vital for the future stability of petroleum exploration in Somalia to document all companies that are eligible to conduct petroleum operations within the FRS. Companies will soon be requested to submit relevant documentation to support their designation as a Petroleum Right.