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

[bidenkulaha]

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.

Labour government will investigate this. Zahawi is going to flee the U.K. in all likelihood given he’s involved in many corruption scandals. Will be interesting the ramifications.

 

[0117]

Pic from 2015 . 1:20 mark of video


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Yes it has to be fake as the procurement of the oil rigs hasn't even taken place yet.

 

[Bernie Madoff]

I'm hearing the 4 rigs are docked in Berbera

 

[Hilmaam]

It would make sense if there is significant oil in Somalia with Pangea theory Saudi Somalia was 1 land in past. Will believe it though when first barrels are produced since it’s been talk since when siad was president

 

[Hilmaam]

It would make sense if there is significant oil in Somalia with Pangea theory Saudi Somalia was 1 land in past. Will believe it though when first barrels are produced since it’s been talk since when siad was president

It’s good somaliland taking initiative to explore. But for now there is 0 proven oil in Somalia this goes for somaliland , puntland etc. it’s all theoretical till much more expensive research is done and we know quality of oil ,depth location and it’s accessibility. This will decide if with current technology oil can extracted for profit. For example hydrofracking in america only happens above 50 dollars a barrel and is stopped when oil prices decline.

What Are Proven Reserves?​

Proven reserves (sometimes called "proved reserves") refer to the quantity of natural resources that a company reasonably expects to extract from a given formation. Proven reserves are established using geological and engineering data gathered through seismic testing and exploratory drilling.

In oil and gas extraction, once the physical shape of a formation is understood, the reservoir is estimated by fluid contacts. Fluid contacts refer to the natural layering of gas, oil, and water in a formation.


An accurate picture of the formation shape and known levels of fluid contact provide the data for a volume estimate with a high degree of confidence. Proven reserves are classified as having a 90% or greater likelihood of being present and economically viable for extraction in current conditions. Within the oil industry, proven reserves are also referred to as P1 or P90.