Sector Context: Somalia’s perceived petroleum potential holds potential for revenue streams that could contribute to the inclusive economic development of the country. A recent assessment requested by the Federal Government of Somalia re-confirmed that addressing the political challenges of petroleum development is a prerequisite to peace and security and that the international community can play a facilitating role. This project responds to a direct request made by the Minister of Petroleum and Mineral Resources (MPMR) for programmatic support for the petroleum sector.
Financials Appraised Value: US$ 2.995 m
Component 1: A process to harmonize issues of ownership, control and revenue sharing
This project will facilitate a series of high-level consultative meetings over a period of approximately eighteen months, to be attended by relevant Somali stakeholders. The objective of the meetings is to support the mediation of an agreement on a Somali solution for petroleum ownership, control and revenues sharing.
- Phase 1: Workshops to create a level-playing field of knowledge
- Phase 2: Facilitation of high-level consultative meetings aimed at a shared vision for the development of the sector.
Component 2: Focused Technical Assistance
This Component is focused on priority actions in line with the Annual Strategic Plan of the Ministry of Petroleum and Mineral Resources (MPMR).
- Petroleum policy formulation and strategic review
- Review of the petroleum legal, regulatory and fiscal framework.
- Strengthen the technical and commercial capacity of the MPMR Negotiation Team related to Petroleum negotiations.
Beneficiaries Primary audience: Federal Government of Somalia (FGS), government authorities in Somaliland and regional governments.
Secondary audiences: Somali private sector, international investors, Somali and international CSOs and wider international community.
Government Counterparts Ministry of Petroleum & Mineral Resources
Implementation Arrangements Executed by the World Bank on behalf of the Government
Geographic Coverage This component will be designed to benefit all participating Somali stakeholders equally. The World Bank brings neutral convening power and expertise.
For more information on the progress of this project, please visit http://www.somaliatraining.com/.