The Petroleum Law passed in 2019, guarantees that any petroleum discovered in Somalia belongs exclusively to the Somali people. Through a pioneering revenue-sharing agreement, also enshrined in legislation, any future revenues from petroleum discovery, extraction or sale will be distributed among the Somali people through the Member States and will be used for the benefit of current and future generations.
With 70% of the Somali population under the age of 30, a Somali petroleum industry represents an unparalleled opportunity for education, training and employment for young Somalis.
A key benefit of foreign investment into the Somali petroleum industry is the creation of jobs and economic growth. This will enable Member States to significantly increase investment in education, transport, agriculture and healthcare infrastructure. Over time and as the industry develops, investment will provide opportunities for local businesses to participate in the supply chain.