quality:correction, structural:summarization
Oil exploration

In the 2000s, the Puntland government began official negotiations with foreign oil companies over exploration rights in the area. The provincial authorities in October 2005 granted Range Resources a majority stake in two sizable land-based mineral and hydrocarbon exploration licenses, in addition to offshore rights. The onshore Nugaal and Dharoor Valley blocks in question span over 14,424 and 24,908 km (5,569 and 9,617 sq mi), respectively. Two years later, Range Resources obtained a 100% interest in the two blocks and concurrently farmed out 80% of that share to Canmex Minerals.

In January 2007, the Puntland administration, which was then led by President Mohamud Muse Hersi, signed the Puntland Product Sharing Agreement (PSA) with Range Resources Limited and the Canmex Minerals subsidiary Canmex Holdings (Bermuda) II Limited.

Following a change in leadership in 2009, the Puntland government, now led by President Abdirahman Mohamud Farole, sought to renegotiate the profit sharing agreement with Range Resources to ensure more favorable terms for the region. In 2012, the Puntland government gave the green light to the first official oil exploration project in Puntland and Somalia at large.

In 2017, Puntland ministers held a cabinet meeting where they approved an oil exploration deal with Chinese company CCECC, in return for constructing a road connecting Eyl and Garowe as well as renovations and refurbishments to the Abdullahi Yusuf Airport.