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Somalia signs oil exploration agreement for seven blocks

Somalia signs oil exploration agreement for seven blocks

SOMALIA has signed a petroleum exploration agreement for seven offshore blocks with United States-based Coastline Exploration, the company said in a statement. Hydrocarbon discoveries in Uganda and Kenya and huge gas finds in Mozambique and Tanzania have stoked investor interest in other parts of East Africa's hydrocarbon potential. Somali National News Agency quoted petroleum minister Abdirizak Omar Mohamed saying late on Thursday the agreement signed with Coastline was the finalisation of an earlier deal signed in February, without giving further details. No government officials were immediately reachable for comment. Coastline, an upstream oil and gas company focused on East Africa,…
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Review of nine African ‘blue economy’ projects shows what works and what doesn’t

Review of nine African ‘blue economy’ projects shows what works and what doesn’t

IFESINACHI OKAFOR-YARWOOD, Lecturer, University of St Andrews AFRICA has 38 coastal countries and six islands whose maritime industry is estimated to be worth US$1 trillion per year. This figure will increase as they develop their offshore hydrocarbon, energy, tourism, maritime transport, shipping and fishing sectors. These industries are collectively called the “blue economy”. They are recognised as central to Africa’s sustainable development. They can also play a key role in achieving the continent’s Agenda 2063. This includes achieving integration, prosperity and peace. But for this to happen, it’s important that the benefits are equally distributed. And resources must be used…
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