Mogadishu(Mogadishu24)-Liberty Petroleum Corporation and its affiliate, Petro Quest Africa Corporation, have inked three Production Sharing Agreements (PSAs) with the Somali government, marking a significant leap in East Africa’s energy exploration. Signed on March 7, 2024, the agreements cover Blocks 131, 190, and 206, and were celebrated in a ceremony attended by notable figures including Somalia’s Minister of Petroleum and Mineral Resources, Abdirizak Omar Mohamed, and Liberty CEO, Lane Franks.

The move follows the discovery of substantial oil and gas reserves across East Africa, with Somalia potentially holding over 30 billion barrels of reserves. This initiative is part of a broader trend of energy exploration in the region, highlighted by a recent cooperation agreement between Somalia and Turkey aimed at offshore development.

Under the agreements, Liberty will conduct detailed seismic evaluations to identify promising areas for further exploration, with the potential for drilling within the initial five-year term and beyond.

Lane Franks expressed optimism about the venture, emphasizing its historic significance and the potential benefits for the Somali people. This partnership heralds a new chapter in East Africa’s energy sector, promising economic growth and development for Somalia.

“After more than 10 years of positive and fruitful dialogue with the Government of Somalia we are honored to be signing these three exploration contracts. It truly is a collective achievement that is historic in nature. We are aware of the responsibility that now lies on our shoulders to explore and hopefully develop the petroleum resources within these blocks in a manner that delivers maximum benefit to the people of Somalia”. Lane Franks said.