​The President of Somalia, Hassan Sheikh Mohamud, has stated that several companies that had previously entered into oil agreements with Somalia have withdrew the deals after they failed to secure the funds to finance them.
​The President mentioned that ExxonMobil is among the companies that have returned their oil blocks in Somalia.
​He stated that one of the companies holding a Somali oil contract returned seven blocks which refers to Coastline Exploration, as it is the company that held those seven blocks.
​ExxonMobil held five blocks, some of which were secured through agreements with the central government of Mohamed Siad Barre.
​The President defended Turkey, which took on risks that other governments and companies feared, saying, “Right now, they hold three blocks; if the Türkiye Government ask us for thirty, we will give them.”
Other Energy investors which have oil blocks are Liberty Petroleum which has three oil blocks while Turkish Petroleum TPAO has also three.
