Providing details of the agreement for the first time, Anderson said it was a "fair deal" for Somalia. "There is a 5% royalty that comes right off the top. Profit is split 50-50.

Petroleum can help Somalia build essential infrastructure for health services and water supply, says the chairman of the Somali Petroleum Authority. subscribe now Log in ... as well as a separate ...

Additionally, Somalia is entitled to receive a royalty of up to 5% from day one of production -- even before cost recovery is complete. Time-Limited and Structured for Oversight.

Read: Turkey to send navy to Somalia after agreeing oil and gas searchSomalia on its part, will own and be entitled to a royalty, in cash or in kind of up to five percent of production of all ...