Geeljire lotus
VIP
Is this real ?
Oil in Somalia
- Thread starter Geeljire lotus
- Start date
Is this real ?
Fake news. Still 50% left + they need to process the raw date which takes time.
the pic will become clearer by July-September.
Inshallah kheer
the pic will become clearer by July-September.
Inshallah kheer
No such thing as free launch. They will get the lion’s share for the first few years until they recoup their investment.
Oil in Somalia is like Big Foot, everyone claim we have it but magically there is not an ounce of evidence.
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It's not entirely unfeasible though. We're very geographically close to oil rich nations. Even if it's a lie. It's not exactly far fetched. Turkey wouldn't have signed a deal like that I'd they didn't have some reason to think there was a decent chunk of oil.
Us getting our oil out now is a curse. We'll squander all our natural resources and wont be able to build a nation. Our only saving grace from the Civil War is that as a Nation we have been fairly unexpoited by western powers for resources over the last couple decades due to instability. Once oil is confirmed, I'm certain other countries will be gunning to make deals that are disadvantageous for us.
Gonna have to disagree there. More than 60 wells were drilled prior to 1991.
Not anything about proven reserves. A lot of it is based on the idea that we share the same geographic features as other oil rich nations. The current estimate is for about 30 billion barrels of oil. Again it’s based on hypothesis.
The thing is, it’s about proving if those exists.
Until it is confirmed, it is a fairy tale.
A more recent source from last year: “Geo-seismic studies have shown that Somalia may have at least 30 billion barrels of oil and gas reserves, but these resources will take time to develop, as detailed exploration generally takes three to five years, and production can only begin afterward.”
Somalia - Oil and Gas
This is a best prospect industry sector for this country. Includes a market overview and trade data.
The reason why I am more muted is that we’ve had oil exploration in both the Galbeed and Somaliland end up resulting in nothing while being all the talk for years.
I thought Somaliland did have proven oil reserves? Same with Puntland.
TheLand
VIP
Not anything about proven reserves. A lot of it is based on the idea that we share the same geographic features as other oil rich nations. The current estimate is for about 30 billion barrels of oil. Again it’s based on hypothesis.
The thing is, it’s about proving if those exists.
Until it is confirmed, it is a fairy tale.
A more recent source from last year: “Geo-seismic studies have shown that Somalia may have at least 30 billion barrels of oil and gas reserves, but these resources will take time to develop, as detailed exploration generally takes three to five years, and production can only begin afterward.”
Somalia - Oil and Gas
This is a best prospect industry sector for this country. Includes a market overview and trade data.www.trade.gov
The reason why I am more muted is that we’ve had oil exploration in both the Galbeed and Somaliland end up resulting in nothing while being all the talk for years.
There is a possibility of some in PL because of shared geological features and perhaps basins with Yemen since Yemen has oil that would likely extend into PL
That's just from a few blocks I believe we have more up north and in Puntland. Also we need to take into account that we have plenty more on shore. Lets see what this government can do.
Yeah I heard PL was doing some exploration in the 2000s but I don't know what came out that or if they plan on continuing.
I know its not proven yet but I'd be really surprised if not a single part of Somaliweyn didn't have some oil, that is over 2 million km2 of land.
The timeline begins around 2012 when Genel conducted the first exploration in Somaliland. In 2013, Africa Oil carried out exploration in Puntland. However, both operations were short-lived.
One of the main reasons was that Somaliland put a bomb under it by selling exploration blocks on land that belongs to Puntland, while Puntland itself also sold rights in the same areas. This led to disputes, and as a result, Genel withdrew. The UN later issued a report warning that oil discoveries in the region could lead to conflict, prompting Africa Oil to halt its operations in Puntland. The UN recognized that if oil were found, conflict would be inevitable.
This was the first phase of oil exploration in the region. No reserves were confirmed because both companies were unable to complete their operations.
Fast forward a few years to 2020, when the widely cited estimate of 30 billion barrels was introduced.
"In 2020, Norwegian seismic survey company TGS estimated that the Somali Basin as a whole—offshore and onshore—could hold around 30 billion barrels of oil. However, onshore estimates remain inconsistent. These assessments include Somaliland and suggest that Somalia’s total reserves could be comparable to Kazakhstan’s, ranking it 18th or 19th globally, based on a 2016 assessment."
The reason I remain skeptical is that the Norwegian survey included the entirety of Somalia—Somaliland, Puntland, Galbeed and the south, within the 30 billion barrel estimate. Claiming that 100 billion barrels (I am talking about the tweet) have been discovered just off the coast of Hiirshabelle/Galmudug seems highly doubtful, though not entirely impossible. However, the Twitter account spreading this claim appears to be run by a Turkish nationalist, so it’s safe to dismiss that claim. A 100 billion barrels of oil being found would be reported by every major news outlet in some form, not a headline but 100% it would be international news.
In the end, nothing has been proven only hypothesized, estimated, and speculated. Until there is concrete confirmation and we start seeing oil shipments, it’s best to remain muted.
TheLand
VIP
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