MOGADISHU (SD) – Somali government has dismissed reports of shady oil deal barely five days after opposition warned against covert oil agreement with international firms.

In a press conference in Mogadishu, Somali Finance minister, Abdirahman Duale Beileh said there was no agreement to drill oil in Somalia.

“Yes, there was a meeting we had with some companies last week but no deal was signed with them. When it comes inking oil agreement, everything has to be transparency. The process of oil drilling is not something easy, therefore it may take some more twenty years to come,” he said.

He dispelled any ongoing plan to sign agreement with two foreign oil firms saying the government would have share information with the public.

“Before even we engage in an agreement with any company, we have to consider what Somalia gets from the deal, so it needs a lot of work,” the minister noted.

Last week, the opposition leaders warned the government against any shady oil agreement saying it could risks the country’s debt relief process and erode gains made thus far in riding the Horn of Africa nation of the crippling debt burden.

They accused government of planning to ink secret deal with the two international companies identified as Coastline Exploration Inc and Liberty Petroleum Corporation.