Master co-operation agreement
Spectrum ASA entered into a Multi-client master co-operation agreement with the federal government of Somalia during a signing ceremony on September 5th at the SYL Hotel, Mogadishu.
The agreement allows Spectrum to acquire approximately 28 000 km of long offset 2D seismic data offshore south Somalia. The new acquisition has been specifically designed to complement 20 000 km of existing seismic that was acquired in 2014. Spectrum has also been granted the marketing rights for this data. Together, these seismic surveys will allow the in-depth study of hydrocarbon prospectivity offshore Somalia, which lies in close proximity to major discoveries on the East African margin. Spectrum will use its global reach to market both data sets and raise industry interest.
At the signing ceremony the Ministry of Petroleum and Mineral Resources, His Excellency Mohamed Mukhtar Ibrahim, said “This historic seismic data agreement will be the resumption of the exploration program of the hydrocarbon reserves of our country, which will be a turning point for the economic development of our nation.”
His Excellency Omar Abdirashid A. Sharmarke, Prime Minister of the Federal Republic of Somalia who concluded the event stated “Seismic data can lead to good decision-making and a guided exploration strategy.”
Adapted from a press release by Louise Mulhall