Somalia has an estimated 110 billion barrels of oil

[Chaseyourdreamzz]

we have the Sixth largest oil reserves worldwide im hearing oil exploration could start this year

 

[CABDULWALI XASAN.]

Thats good we probably have more aswell, but I want us to be a diversified economy. Somalia cant fall into the resource curse.. we need industry in every sector we need extraction, manufacturing, services we need the full package with oil propeling us aswell ( im not against oil). Lets pray this government dosent get its hands on it, we need a competent and real one first.

 

[Chaseyourdreamzz]

Somalia: The Next Oil Superpower?

With excellent access to shipping lanes and supposedly massive untapped wealth (perhaps as much as 110 billion barrels) it is no surprise that multinational oil companies are intrigued, but responsible investors would be wise to think twice.

nationalinterest.org

Article from 2015 discussing the issue

 

[Chaseyourdreamzz]

Thats good we probably have more aswell, but I want us to be a diversified economy. Somalia cant fall into the resource curse.. we need industry in every sector we need extraction, manufacturing, services we need the full package with oil propeling us aswell ( im not against oil). Lets pray this government dosent get its hands on it, we need a competent and real one first.

Oil should be a stepping stone to build up our infrastructure and military capacity but your right we should diversify

 

[Afeik_Abiy]

Oil alone isn't going to fix Somalia. Dijibouti gets billions in ports and is centrialized, yet isn't that different from your typical African country

 

[CABDULWALI XASAN.]

Oil should be a stepping stone to build up our infrastructure and military capacity but your right we should diversify

Definitely, it will help us catch up from the past 40 years of stagnation. Also it will help diaspora come back to the country like crazy. Thats one benefit from all the harm thats been done in the civil war. We now have a network across the entire world. We are population of 30 million, we are very small yet we are well known. MashaAllah what a blessing. But yes, I agree with what you said. I just really hope it happens quick, things seem to never change im already getting depressed hearing about the 2026 qabil-charged elections

 

[CABDULWALI XASAN.]

Oil alone isn't going to fix Somalia. Dijibouti gets billions in ports and is centrialized, yet isn't that different from your typical African country

Djibouti is a case study honestly, I have no clue why they arent successful. Its probably because of the leadership. I wonder how Guellah got leadership in the first place. Probably nepotism.

 

[Keep it a boqol]

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[SuleimanI]

80% will go to foreigners, 1% to greedy corrupt officials, 19% will disappear somehow due to incompetence

 

[Hilmaam]

This all speculation. Somalia has no proven oil reserves. It has potential oil which is big difference many don’t understand.

Google what proven oil reserves means, to better understand why somalia is very far from oil wealth. Maybe Somalia will one day strike oil. But u have to wonder with all the wells we dig why no discoveries yet. Texas and places in Middle East many places were gushing oil while searching for water which is how many discoveries were made

 

[Mutombo]

we have the Sixth largest oil reserves worldwide im hearing oil exploration could start this year

It has to be more than that, the estimate didn’t include oil in HolHol Sool and Lughaya Awdal

 

[berberaboy66]

This all speculation. Somalia has no proven oil reserves. It has potential oil which is big difference many don’t understand.

Google what proven oil reserves means, to better understand why somalia is very far from oil wealth. Maybe Somalia will one day strike oil. But u have to wonder with all the wells we dig why no discoveries yet. Texas and places in Middle East many places were gushing oil while searching for water which is how many discoveries were made

I reckon most of our oil is offshore. We definitely have enough to sustain us somewhere. Locating it going to be a bigger issue.

I just don’t know if the Turks have the best exploration capabilities.

 

[Hilmaam]

I reckon most of our oil is offshore. We definitely have enough to sustain us somewhere. Locating it going to be a bigger issue.

I don’t know if the Turks have the best exploration capabilities.

Its very possible bro. its alot of money and resources to do the surveys. Then once you find oil you have to determine how much it will cost to extract and how much you can sell it for. Lets say the oil is way to deep and bad quality. even if you have billions of barrels you might no be able to extract it for decades until price increases or extraction technology improves. I hope we strike oil god knows we need I just want people to understand its still very early and more research needed

somalis we sometimes do self sabatoge with all the war and clan stuff. But at same time the country we live in is very challenging with regards to resources which drives alot of it too

 

[berberaboy66]

Its very possible bro. its alot of money and resources to do the surveys. Then once you find oil you have to determine how much it will cost to extract and how much you can sell it for. Lets say the oil is way to deep and bad quality. even if you have billions of barrels you might no be able to extract it for decades until price increases or extraction technology improves. I hope we strike oil god knows we need I just want people to understand its still very early and more research needed

somalis we sometimes do self sabatoge with all the war and clan stuff. But at same time the country we live in is very challenging with regards to resources which drives alot of it too

Of course. But the thing that’s worrying me is this dependence and assuredness we have about the oil. Like you said before, we don’t know for certain we’ll have enough to strike gold but if you see the way these politicians are acting in xamar you would think otherwise.

They always talk about “we start drilling soon” “oil production soon” I think their whole policy is to just wait for this oil to come so they can bring PL + SL back in. It will work if successful but no guarantees either.

I just don’t want to spend decades digging for this random oil, whether it be offshore/onshore, waiting for the discovery to come and save us when really we should be focusing on ourselves.

 

[Hilmaam]

Of course. But the thing that’s worrying me is this dependence and assuredness we have about the oil. Like you said before, we don’t know for certain we’ll have enough to strike gold but if you see the way these politicians are acting in xamar you would think otherwise.

They always talk about “we start drilling soon” “oil production soon” I think their whole policy is to just wait for this oil to come so they can bring PL + SL back in. It will work if successful but no guarantees either.

I just don’t want to spend decades digging for this random oil, whether it be offshore/onshore, waiting for the discovery to come and save us when really we should be focusing on ourselves.

Its to distract from failure of the FGS. 30 years later somalia is fractured country with foreign troops. Ethiopia has been baby sitting FGS all this time. less than a year ago they signed new defense agreement. Their goal was for atmis to leave this year and that was another lie.

Soon as MOU with somaliland was signed they signed a bunch of emotional defense deals with Turkey and Egypt there is no plan behind it just being reactionary. Same with Turkey blue economy deal. Alot of this stuff is smoke screens. we cant even utilize knows resources like fish in the sea, the rivers and farmland we have. The biggest thing is somalia is occupied by civil war between govt and al shabab . and also occupied by foreign nations as long as this continues doubt we will get investment needed to take advantage of resources.

 

[Zak12]

they signed a bunch of emotional defense deals with Turkey and Egypt

That had nothing to do with the MoU. those defense deals were planned way before, even back during Farmaajo's administration.

As corrupt as FGS is, you need to give them some credit. Ethiopia is fuming right now and they have little leverage.

 

[Hilmaam]

That had nothing to do with the MoU. those defense deals were planned way before, even back during Farmaajo's administration.

As corrupt as FGS is, you need to give them some credit. Ethiopia is fuming right now and they have little leverage.

what sources? i never heard of any deal for turkey to take our marine resources and in return monitor our waters. I also never herd of ethiopia being booted and egypt taking its place. You can see 8 months ago ethiopa was part of mission and we were signing defense deals only thing changed is MOU. you think somali public would be ok with our ocean rights being sold so cheaply before MOU or having egypt being on our soil brining nile conflict to our backyard? i highly doubt it we are in new territory

 

[Zak12]

what sources?

Here

https://www.reuters.com/article/us-turkey-somalia-oil-idUSKBN1ZJ1DZ/

Its naive to assume FGS and Turkey quickly only did an oil deal not long after the MoU was announced. This kind of thing requires years of talks and planning. Likewise, Egypt most likely already had eyes on Somalia before the MoU.

 

[Hilmaam]

Here

https://www.reuters.com/article/us-turkey-somalia-oil-idUSKBN1ZJ1DZ/

Its naive to assume FGS and Turkey quickly only did an oil deal not long after the MoU was announced. This kind of thing requires years of talks and planning. Likewise, Egypt most likely already had eyes on Somalia before the MoU.

possible but also maybe its naive to assume all this coincidence. i am to believe within months of Somaliland MOU all these deals are signed and wrapped up and is conclusion of years of studies and discussion that just happened to finish during this timee. Plus the turkey deal is not oil exploration its much more. they can plunder fish for ocean if they want and call it day

Turkey signed two major deals with Somalia. Will it be able to implement them?

Turkey will face major challenges from both external and domestic pressure in implementing its hydrocarbons and maritime security deals.

www.atlanticcouncil.org

 

[Zak12]

possible but also maybe its naive to assume all this coincidence. i am to believe within months of Somaliland MOU all these deals are signed and wrapped up and is conclusion of years of studies and discussion that just happened to finish during this timee. Plus the turkey deal is not oil exploration its much more. they can plunder fish for ocean if they want and call it day

Turkey signed two major deals with Somalia. Will it be able to implement them?

Turkey will face major challenges from both external and domestic pressure in implementing its hydrocarbons and maritime security deals.

www.atlanticcouncil.org

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At the end of the day, FGS has a long relationship with Turkey. Even during the Farmaajo era when he was very close to Ethiopia, he was still making deals with Turks. There are hardly any on the fly decisions being made here.