Somaliland: Genel Energy Affirms Investment Commitment

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Genel Awards certificateof recognition to SomalilandBy: Yusuf M Hasan

HARGEISA (Somalilandsun) – official oil dredging in the country will begin in the early months of 2014.

A high level delegation from the Genel Energy Company led by its chief Tony Howard is in the country to finalize arrangements for planned oil explorations that begin in 2013.

In a meeting with Somaliland authorities led by the president H.E Ahmed Mahmud Silanyo the Genel Energy boss presented its plans for the 2013 exploration in which the Aglo-Turkish company has invested close to $40 millions.

After the meeting at the presidency where president Silanyo was awarded a certificate of appreciation by Genel Energy a joint press conference ensued with briefings on proceedings affected the minister of Foreign Affairs Dr Mohamed Abdilahi Omar, Minister of Energy Eng Hussein Abdi Duale and Genel CEO Tony Howard.

The foreign minister Dr Mohamed Abdilahi Omar who conveyed a warm welcome to the Genel team said that the government’s foreign policy has facilitated this important economic partnership through relentless strategizes that pertain to placing Somaliland in the international limelight.

On his part the Energy, Water and Minerals Eng Hussein Duale said that the government which is committed to the full utilization of abundant natural resources is currently engaged in soliciting investments both from within and externally.

He further revealed appreciation to Genel Energy for become the first foreign investor in the energy sector to actually commit a significant capital as well as provide realistic plans for activities.

According to Mr. Tony Howard, Genel energy will commence a ten weeks airborne high-resolution survey of the type Aeromag & Gravity within Toghdeer region in December or early January.

The airborne surveys in Toghdeer region will revolve around oil blocks SL-13 & SL-10E originally contracted to ASANTE that sold 75% of its holdings in the two blocks to Genel energy.

“The airborne survey will be followed by an extensive 2D seismic survey covering approx. 3000 km within the target area,” informed the energy minister

The Genel energy work plan and the budget (approx. USD 38 million) for the airborne and seismic surveys were agreed upon by Genel and ministry of energy during the 2nd October visit to the country by a high level delegation from the Anglo Turkish company led by its Chief Operating Officer (COO) for Africa, Mr. John Hurst

Genel has already established its physical presence in the country where Mr. Ibrahim Mohamed Hassan who has a worldwide oil & gas experience in excess of 30 years is holding court.

The Anglo-Turkish corporation has extensive experience in the energy sector especially in Kurdistan where it has producing assets in Kurdistan as well as exploration blocks in Ivory Coast, Morocco, Malta (deals to be concluded shortly) in addition to Somaliland where it has two blocks.

Somaliland has in the recent past seen an upsurge of interest in its known oil reserves as ascertained by the physical presence in Hargeisa ongoing exploration activities by a number of worldwide actors like South African based Ophir energy, Jacka Resources ltd of Australia & Petrosoma Ltd, which is headquartered in the United Kingdom.

Other major investors are anticipated in the near future following exploratory discussions they held with Energy minister Hussein Duale during the Africa week conference in South Africa where Somaliland participated in the annual event for the first time on invitation from the host government.

For further details on Genel energy visit http://www.genelenergy.com

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