LONDON, Aug. 7 (UPI) -- A deal reached to assess potential oil and natural gas reserves off the Somalia coast will help prop up the nation's economy, a British company said.
Soma Oil & Gas, which has headquarters in London, said it signed an agreement with the Somali government to conduct a survey of its territorial waters to assess any oil and natural gas reserves.
The company was founded early this year with the express purpose of exploring the reserve potential in Somalia. It said the agreement is the first oil and gas deal reached since the country formed an official central governing administration in 2012.
Chief Executive Officer Robert Sheppard, a former adviser to BP, said the deal with the Somali government would help the country emerge from civil war.
"We believe that this agreement to assist the government and the work that is due to be carried out over the next 12-18 months will provide significant momentum for the oil and gas sector in Somalia," he said in a statement.
Soma said it would help update historical data on Somalia's energy sector using modern techniques. It said the country was abandoned by international oil companies when Somalia descended into conflict in the 1990s.
The company offered no time frame for development or assessment of estimated reserves.
