The Somali petroleum ministry has for the first time formed a seven-member executive committee representing the federal government, regional governments and the Benadir region.
The committee, announced by the Somali Petroleum Authority (SPA), is tasked with boosting the oil and gas industry. They will also ensure that the financial development laws enacted, the principles of equality, transparency, accountability, transparency and non-discrimination is in the interests of all Somalis.
“The commission will ensure that all member states are able to help shape industrial development and attract international investment to accelerate the recovery of Somalia’s oil and gas reserves.” said Ibrahim Ali Hussein, director of the Somali petroleum ministry.
Somaliland also has a member on the committee, represented by Abdihafid Ali Dirir, while the central government is represented by Mahad Mohamed Hassan.
Also on the committee are Asha Osman Ahmed representing Banadir region, Ibrahim Ahmed Layte from HirShabelle, Abdulkadir Adan Mohamud representing Galmudug, Ibrahim Abdulkadir Mohamed representing South West, and Ahmed Haji Abdi representing Jubbaland State.
Meanwhile, Somali President Mohamed Farmajo and Prime Minister Mohamed Hussein Roble have approved the commission, which will take over the management of the Somali Petroleum Authority from now on. Somalia is preparing to take advantage of oil’s rich natural resources, first and foremost, and plans to explore for oil have already begun, with major international companies competing.