TotalFinaElf has reportedly signed a deal with the transitional government in Somalia for exploration in the Indian Ocean off the country’s southern coast.
While details remain sketchy, the exploration area is located between Merca and Kismayo in the Indian Ocean.
The deal was signed for one year and is estimated to be worth $3.5 and $4 million. Exploration is expected to begin around mid-summer.
The deal marks the country’s largest foreign investment since the country’s decade-long civil war. However, opposition leaders have called the agreement “illegal and risky”.
Edited by Frederick Parnell
© 2001 Mena Report (www.menareport.com)
