Puntland interest: CNOOC is expected to begin exploration in the Somali province
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CNOOC to lead Somalia drive
China National Offshore Oil Cororation (CNOOC) has been given the green light by Somalia to search for oil in the African country, according to media reports.
CNOOC last month met Somali officials in Nairobi, Kenya, to negotiate on a survey to begin in September, the Financial Times reported, citing a record of a meeting.
The deal with the transitional government gives CNOOC exploration rights in Mudug region, Puntland province, the newspaper said.
The report quoted Australia's Range Resources as putting potential yield at between 5 billion and 10 billion barrels of oil.