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Somalia has finalized a $7m (£6.2m) oil-sharing deal with US company Coastline Exploration.

Coastline Exploration is a leading oil and gas company focused on East Africa. The company announced on Friday that they have paid the government a $7 million signing bonus and that the investigation will continue.

The deal was greenlit after months of amendments to the original agreement. In February 2022, the Somali government, announced by the former president of Somalia and the prime minister, denied the signing of any contract, declaring it illegal.

According to the BBC, the deal was declared illegal because the country’s law prohibits such deals during elections.

The BBC report is as follows; “At the time Villa Somalia, the presidential palace in Mogadishu, said the agreement was valid, citing a presidential order that prevented government officials from entering into international contracts during the period the election.”

Abdirashid Mohamed Ahmed, Somalia’s minister of oil and minerals, and Richard Anderson, CEO of Coastline Exploration Ltd., signed the agreement. But in separate statements, Somali President Mohamed Abdullahi Mohamed, known as Farmaajo, and Prime Minister Mohamed Hussein Roble rejected the deal, declaring it “useless and useless.”

The CEO of Coastline Exploration emphasized at the time that he believed the agreement was legal because of the assurance he received from the Somali oil minister. He also said that he did not communicate directly with the president or the prime minister, but the oil minister and SPA representatives confirmed it in his fourth organization, both leaders are aware.

At this time, Mohamed Abdullahi Mohamed was sitting as the president of the country but lost to Hassan Sheikh Mohamud.

However, a statement issued by Coastline Exploration states that Somalia, under its current administration, only the signing of the oil exploration agreement for seven offshore blocks with the United States Coastline Exploration.

In 2019, Somalia passed an oil sector law to pave the way for exploration, especially off its coast.

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