Mubadala Petroleum, a subsidiary of the Abu Dhabi’s state-owned investment vehicle, has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia to further the development of the Somali petroleum sector.

Daud Mohammad Omar, Minister of Mineral Resources for Somalia, signed the agreement with Mubadala Petroleum with the aim of sharing knowledge, increasing the strength of the Somalia Ministry and its staff, and over time, developing upstream opportunities in Somalia.

Musabbeh Al Kaabi, Chief Growth Officer at Mubadala Petroleum, said: “This strategic agreement will draw upon the experience of Abu Dhabi in developing an environment for investment in the petroleum sector and enable Mubadala Petroleum to begin a long-term relationship with the Ministry to support its upstream sector.”

During the first half of 2014, a high level engagement took place between the UAE and the Federal Government of the Republic of Somalia and its territories to consider ways in which they might work together to further the development of the Somali petroleum sector.

Dubai also hosted the second Somali Investment Summit in April, at which the Federal Government of Somalia was most notably represented by former Prime Minister Ali Mohamed Ghedi, as well as several of the ministers responsible for Somalia’s aviation, ports and marine transport portfolios.

Mubadala Petroleum is an arm of the wholly state-owned Mubadala Development Company, and manages assets and operations spanning 12 countries, primarily in the Middle East, Africa and Asia, with a production of approximately 387,000 barrels of oil equivalent per day.