Coastline Exploration, an upstream oil and gas exploration and production company, will move ahead with its exploration program in Somalia following the firm reaching an agreement with the government on seven production sharing contracts.
The agreements were signed after the government made five amendments to the proposals filed by Coastline Exploration in February, 2022.
The development will pave way for the upstream firm to make a $7 million payment to the Somali Central Bank as a signature bonus and thereafter conduct exploration activities in offshore deep-water blocks in which the U.S-based energy firm anticipates to produce 100,000 barrels of oil a day if discoveries are made.
