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Friday, May 20, 2022

Somali Senate to debate on petroleum bill

Somali senators will today debate the country’s petroleum sector bill ahead of plans to oil extraction.

The law was based on the previous law, passed in 2008, with amendments to update certain provisions.

Among the amendments is petroleum revenue-sharing agreement setting out how future revenues from the development of the petroleum industry will be shared between the federal government and federal member states.

In a statement, the House Leadership called on the members to attend on Saturday’s session to discuss new legislation allows for the creation of institutions to oversee the sector.

The members will read and peruse new Bill, which creates a legal and regulatory framework to manage discoveries and control of the country’s natural resources.

The session comes barely two months after 150 lawmakers from the Lower House approved by a show of hand.
If approved by the Upper House, it would pave the way for Somalia to issue exploration licenses by the end of 2019.

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