Somaliland: Scramble for the Black Gold Rush

0
61

By: SomaliIanderPresident Silanyo chairs a meeting with Genel meeting in Hargeisa/file

Somaliland is the only true democrat in the Horn of Africa with three political parties and internationally has been praised time and time again for its free and fair elections.

Due to this, it has won many development projects and investment opportunities in recent times.

Today, 6 major and minor oil companies are ready to start drilling for oil and gas by 2014-2016.

1: The biggest one is Royal Dutch Shell, at the moment it holds no permits but before when Somaliland and Somalia were together as Somali Democratic Republic under Siad Barre Shell received 5 blocks and 3 of those are in Somaliland. This week it said it wants to come back but it has to first come to Hargeisa if it wants to come back

Somaliland oil blocks2: Genel Energy, largest oil firm in Turkey and headed by the former CEO of BP, Tony Hayward. It is has already began surveying and will drill mid-2015. Genel, a £2 billion market cap, is funding 100% of the exploration program in the Odewayne block until May 2015. Genel has about $1bln allocated for Somaliland. Just for surveys it will spend $40million this year. see   Turkish firm eyes Somaliland

3: Ophir Energy, London based explorer that will operate two blocks near Berbera, Ophir energy assets

4: Jacka Resources, Australian based explorer, Proactive investors

5: Petrosoma Ltd, owned by multi-millionaire Somaliland investor based in London, it will work with Genel.

6: DNO International ASA – DNO entered into a Production Sharing Contract covering Block SL 18 onshore Somaliland in April 2013. This is the latest company to join the rush for black gold in Somaliland. http://www.dno.no/dno-operations/somaliland/

LEAVE A REPLY

Please enter your comment!
Please enter your name here