Genel Energy signs deal with OPIC Somaliland Corporation (OSC) involving Taiwanese investment to drill oil well by 2023

Velœcity

Velœcity

Bosaaso iyo Qandala
Dowlad said:
Your only saying that now because you see Somaliland is going to be super rich. I hope Somaliland never give you a penny.
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sxb I was just warning them not to give a single penny to bombadishu. Your town. I don’t see the point in being jealous cause they found oil wells which has been a known fact to the somali and oil exporation community. PL also has oil too.

i am always happy seeing somali muslims doing something good for themselves so cut the narrative Hutu
 
ZodiaK

ZodiaK

VIP
PRE-PRODUCTION BUSINESS

  • Somaliland
    • Following the successful farm-out in December 2021, preparation continues for the drilling of a well on the highly prospective SL10B13 block (51% working interest and operator)
    • The Toosan prospect contains stacked Mesozoic reservoir objectives, with multiple individual prospective resource estimates each ranging from 100 to 200 MMbbls
    • The geotechnical survey will begin this month, supporting the plan for the construction of the well pad. Environmental and social impact assessments will begin before the end of 2022, and tendering has commenced for the rig and well services, ahead of a targeted spud date around the end of 2023/early 2024
    • Having undertaken a combination of water and food relief programmes earlier in the year, in reaction to the ongoing drought in Somaliland Genel is working with ANPPCAN to deliver a food relief programme to c.4,000 families.
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A

Abdirazaq

Vito Rizutto said:
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What can Somalia’s government realistically do?

how much will the Somaliland government receive in royalties? And what are they gonna spend it on, I’d imagine they’d spend this on infrastructure (roads, public buildings, bridges etc) and public services (hospitals, schools) which is great but having a foreign private company profiting from somaliland oil isn’t good for the long term. Id imagine nationalising the oil at some point in the future is the best bet as it’d allow somaliland to have full control of distribution, meaning they could sell oil cheap within the country as well as allowing somalilanders to take control of the many parts of the industry from the management process to the refinery, distribution etc meaning more work for somalilandershigher wages and growth of the economy but obviously only after training and the necessary infrastructure is in place.

Other issues with private companies is that if there’s an oil spill or drilling leads to contamination of some sort then there’s nobody to be held accountable, the last problem I can think of is that these private companies will create their oil pipelines and other infrastructure purely on the grounds of making profits in overseas markets meaning they’ll focus on infrastructure on oil going away from somaliland probs towards Berbera and not towards the heartlands of the country.

I can see why the only realistic option for somaliland right now is having foreign investors who are experienced to set things up but the government must prepare itself and its citizens for oil nationalisation (state owned oil company) if they really want to build their economy while at the same time building up to diversify their economy so it’s not so dependent on oil reserves and pre industrial industries like camel and sheep trade.
 
RiceMuncher

RiceMuncher

The Tories are smelling blood in waqooyi iyo koonfurba.
British company Genel Energy is trying to extract over two billion barrels of oil in the disputed region. Genel is well connected to the Tories, with ex-energy and defence minister Michael Fallon as its deputy chairman. Former shareholders include disgraced chancellor Nadhim Zahawi.

A British oil company paid hundreds of thousands of dollars which went to senior Somali civil servants, according to a UN report seen by the BBC. UN investigators say the payments by Soma Oil & Gas amount in some cases to "acts that undermine Somali public institutions through corruption". The Serious Fraud Office has launched an investigation into the allegations. The firm, which is chaired by former Conservative Party leader Michael Howard, denies any wrongdoing.
 
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johnsepei5

johnsepei5

Head of Somalia freemasonry branch
Bariisquute said:
The Tories are smelling blood in waqooyi iyo koonfurba.
British company Genel Energy is trying to extract over two billion barrels of oil in the disputed region. Genel is well connected to the Tories, with ex-energy and defence minister Michael Fallon as its deputy chairman. Former shareholders include disgraced chancellor Nadhim Zahawi.

A British oil company paid hundreds of thousands of dollars which went to senior Somali civil servants, according to a UN report seen by the BBC. UN investigators say the payments by Soma Oil & Gas amount in some cases to "acts that undermine Somali public institutions through corruption". The Serious Fraud Office has launched an investigation into the allegations. The firm, which is chaired by former Conservative Party leader Michael Howard, denies any wrongdoing.
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Soma gas can’t be trusted
 
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