Reuters - Genel might starting drilling in Somaliland in 2019 - CEO

[Buskud]

LONDON (Reuters) - Kurdistan-focused Genel Energy (GENL.L) might start drilling in Somaliland next year, Chief Executive Murat Ozgul said on Thursday, as the group reported 2017 results broadly in line with expectations.

Genel Energy PLC159.6
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• GENL.L

“For the long term, I really like (our) Somaliland exploration assets. It’s giving me a sense of Kurdistan 15 years ago,” Ozgul said in a phone interview. “In 2019 we may be (starting) the drilling activities.”


Chief Financial Officer Esa Ikaheimonen said Genel will focus spending money from its $162 million cash pile on its existing assets in Kurdistan but added: “You might see us finding opportunities... somewhere outside Kurdistan.”

Reporting by Shadia Nasralla and Ron Bousso; editing by Jason Neely

 

[Buskud]

Genel 2017 - Somaliland

 

[Buskud]

Drill Baby Drill

 

[waraabe]

2019? ffs they should be drilling now... the government is far too slow

 

[Buskud]

2019? ffs they should be drilling now... the government is far too slow

We are only 8 months away from 2019.

 

[Mr.Haggis]

Apparently there is 2 billion of oil in somaliland in the odeywayn block.

 

[Yaquub]

Pray brothers and educate yourselves for we shall inherit the promised land soon. I plan on making my return home when i finish my studies and advise every capable diaspora brothers and sisters to do the same. In the next 50yrs lets hope our children can see a rich future.

 

[CangeeroBear]

This will have a net negative effect on Somalis.Resources in a non institution wise developed nations lead to a resource trap.This is common throughout Africa and is highly prevalent in Somali Regions.

That said nothing concrete yet.

 

[wawenka]

When will you children learn that things are eaiser said than Done ! And when Will you learn what is possible and what is less possible ! Im getting tired of you illusions wallahi !

 

[RasCanjero-]

No focus on developing other industries.

If oil is ever found then that would incentive the current administration to stick around to benefit from it.

Once a dictatorship is created then you can forget developing other industries as that might create funds for potential political competitors.

Main reason why most "democratic" oil producing nations are mono economies.

 

[TOGAHERER]

This is he head of Ganel in Somaliland and he confirmed that drilling will start soon. He also confirmed that the ground radar reports were good.



The reality is: Somaliland is between Yemen and Ethiopia both oil producing countries now and directly below Saudi Arabia. Along with oil seeps in oodweyne, saxil etc

I'm very optimistic inshalah...

Ganel is also a major company and it is capable of making Somaliland billions.
We are diversifying already and the poor excuse of somalis and oil is nonsense this is Somaliland son not the Italian an protectorate

All of us need to make plans to move home ASAP because we could miss some valuable opportunities. Whwt we could be witnessing is the energence of an economic power to rival all in the region if commercial oil quanities are found...

Somaliland marches on

May the blessed republic forever stand.

 

[felloff]

This would be great for somaliland if they could open up training centers for workers to learn vocational skills most importantly for oil drill workers, also countless business opportunities such as petrol stations and power plant's a multiplier effect, @LarryThePuntite wrote something along the lines of this.

Natrual gas is the way forward tbh. If theirs offshore oil and gas coastal towns could flourish too.

 

[Deactivated]

This would be great for somaliland if they could open up training centers for workers to learn vocational skills most importantly for oil drill workers, also countless business opportunities such as petrol stations and power plant's a multiplier effect, @LarryThePuntite wrote something along the lines of this.

Natrual gas is the way forward tbh. If theirs offshore oil and gas coastal towns could flourish too.

Everyone has the same problem which is Electricity.

40% of SL GDP is wasted on importing diesel. Everytime a light goes on some Arab get richer.

Ciyaal Kacaan work backwards in Somalia. All the Aid money that was stolen through the past could have helped build a natural gas powered facility.

 

[waraabe]

This will have a net negative effect on Somalis.Resources in a non institution wise developed nations lead to a resource trap.This is common throughout Africa and is highly prevalent in Somali Regions.

That said nothing concrete yet.

of course for you everything beneficial for Somaliland has a negative effect on somalis lol

 

[waraabe]

No focus on developing other industries.

If oil is ever found then that would incentive the current administration to stick around to benefit from it.

Once a dictatorship is created then you can forget developing other industries as that might create funds for potential political competitors.

Main reason why most "democratic" oil producing nations are mono economies.

dont worry brada, the people of Somaliland are democratic and will protect their democracy

 

[CangeeroBear]

of course for you everything beneficial for Somaliland has a negative effect on somalis lol

That has nothing to do with what I said.

 

[BANTU]

The haters can't even say mashAllah smh

 

[TOGAHERER]

Cheap electricity is on the way too..the Ethiopian grand dam wddam will power all of Somaliland on the cheap...


We need to get the oil out sell via Ganel and industrialise. Industrial zones in every major city in the country everyone working and spending.

After that we need to build more ports and attract Somalilanders across the region and world to return home...

Develop Zeilla to rival Djibouti free trade deal with Ethiopia and a solid border and containment strategy for Somalia.