Somalia has set up the Somali Petroleum Authority to regulate the development of its nascent oil sector as the war-torn nation opens bids for its first ever licensing round.

The country's petroleum ministry confirmed on August 4 that bids can be submitted up to March 12, 2021, for the seven offshore oil blocks on offer.

Somalia launched its first ever licensing round in mid-May but companies can now express interest for its offshore oil blocks, as it seeks to rekindle its quest for oil.

The SPA's objective "is to ensure that the fiscal and regulatory regime is internationally competitive to attract investment, while delivering an equitable proportion of any future revenues to the Somali people," Chairman Ibrahim Ali Hussein said.