Jubaland “has the potential for 2-3 billion barrel oil finds”

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Farm

Farm

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Congratulations, looks like the whole Somali Indian Ocean is oil rich.

LONDON – Somalia is inviting bids for 15 blocks across various basins under the country’s 2019 offshore licensing round.

Delegates from the country’s Federal Ministry of Petroleum and Mineral Resources outlined the terms in London last week at an event organized by Spectrum Geo.

The presentation was the first of its type ever staged outside Somalia.

According to head of the Ministry Abdirashid Mohamed Ahmed, the licensing round was first announced in Cape Town last November, and it had been a long process administering the resources to get to this point.

“In recent years the Ministry and government have been working together to put together proposals,” he said.

Spectrum acquired and processed the 2D seismic data-sets over the offshore areas offered. The results, according to Eng. Karar Shukri Doomey, director general at the Ministry, suggest Somalia’s offshore hydrocarbon resources could be the largest anywhere in East Africa, or even across Africa as a whole.

July 11, 2019 will be the final date for companies wishing to apply for qualification for bidding, he added, with the Ministry set to qualify potential operators and non-operators on Aug. 29. Would-be operators must demonstrate drilling experience beyond 500 m (1,640 ft) water depth.

Bids must be received by Nov. 7 and signing of production-sharing agreements (PSAs) should follow a month later, involving three initial exploration phases lasting up to eight years. The PSAs should take effect on Jan. 1, 2020.

Dr Pedro van Meurs, a consultant to Ministry who helped draw up the fiscal regime, said the team involved had examined recent experiences of other countries around the world pitching offshore exploration rounds.

The government has sanctioned PSA terms that are less strict than those operated by Kenya, Tanzania and Mozambique, he said, in recognition that Somalia “is totally a frontier area.”

In cases where the offshore exploration leads to discovery and subsequent development of a larger field, and assuming that the oil price is higher and costs are lower, the government take will be greater.

“However, the less attractive the discovered resource is, the less the government gets,” he explained. “So, the fiscal terms are devised to suit a wide range of conditions, in line with the more moderate terms that Ghana offers.”

Royalties on gas finds will be lower than for oil, in recognition of the difficulties East Africa is facing in monetizing gas as LNG, he added. And unlike most other African nations the state will not have a carried interest in the first round exploration licenses, so this should help keep costs down, he suggested.

The blocks on offer extend from north to south, off the south-facing side of Somalia’s coast on the ‘Horn of Africa.’

Selection was based on analysis of 20,185 km (12,542 mi) of 2D long-offset seismic data over water depths of 30-4,000 m (98-13,123 ft) that Spectrum acquired and processed following a co-operation agreement with the government, complemented by 20,500 km (12,738 mi) of existing 2D data from 2014.

The survey was designed to allow for seismic coverage over the shelf, slope and basin floor with dip, strike and recording time intervals suitable for defining a range of leads and prospects.

Streamer lengths of 10,050 m (32,972 ft) were used to record information at all offsets, and to assist imaging of the underlying syn–rift geometries.

In addition, Spectrum Geo applied modern processing algorithms to the data to optimize imaging of steeply-dipping extensional and compressional features and illumination of amplitude anomalies. The final pre-stack depth and time migration (PSDM and PSTM) products are available to bidders.

Analysis of the area over the northern offshore blocks had revealed six different source rocks that could be generating hydrocarbons, said Spectrum’s geoscience director Karyna Rodriguez.

Work with Leeds University in northern England suggests potential for large oil fields in an extensive Jurassic carbonate build-up, she added.

Over the southern area, there are also indications of a Late Cretaceous carbonate complex, “and this too looks like it could be an oil province,” she said, with potential for 2-3 Bbbl finds.

Data from US Geological Survey images revealing evidence of oil slicks on the sea surface appears to support this idea.

“All the blocks have prospectivity,” Rodriguez concluded, “and the prospectivity is the greatest we have ever identified, with a potential total resource of 30 Bbbl offshore Somalia.”
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https://www.offshore-mag.com/articles/2019/02/somalia-opens-offshore-licensing-round.html
 
Farm

Farm

VIP
With just the Indian Ocean offshore...Somalia will have the largest oil reserves on the African continent and in the top ten globally.

Also the deals go into effect January 1, 2020 meaning that’s when the blocks will begin to be explored/exploited.
 
Saalax Bidaar

Saalax Bidaar

Truthfulness so often goes with ruthlessness
Ok that is nice and dandy but like can we get that baby extracted already? We don’t got much time left on planet earth
 
D

diaby

Gucci mane said:
mA brother your home region is blessed @diaby

:mjhaps:
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Can't wait to open my first resort full of Ethiopian lady entertainers
mjlit2.png
 
Karim

Karim

I could agree with you but then we’d both be wrong
HALYEEY
VIP
Saalax Bidaar said:
Ok that is nice and dandy but like can we get that baby extracted already? We don’t got much time left on planet earth
Click to expand...
True. The world is going to end very soon. Let's eat our cake and enjoy it before the arrival of doomsday.
 
Ferrari

Ferrari

VIP
And to think all the wars in this region wasn't over oil.:mjkkk:

Low IQ geeljires.

Jubaland oil, ogadenia oil, I am sure there is some in nfd too.

We gonna be UOES(united ogaden Emirate shaikhs) soon.:mjhaps:
 
Shaolin23

Shaolin23

Seeker of knowledge and truth
B73A37B1-AE99-4E0A-8EC8-A9698365AE9C.jpeg


Mother fucking adoons gonna get rich off our oil Ceelwaaq unuka leh i pray to Allah these Adoons don’t do directional drilling into Gedo where most of the oil is :pacspit:
 
F

Farjano-Walad

Shaolin23 said:
Why? MX don’t live in Jubbaland?:mugshotman:
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only half of gedo they live in, the 2 jubas waa majortiy ogaden, in fact only kismayo and jamame is shared and the rest of the 2 jubas like sakow, afmadow, badade, hagar, jilib, buale etc is for cagdheer meaning the oil will be majorty ogaden as its found in badadhe coean basin coast,

technically most oil will go to cabdallah and makahil ogadens as they own badadhe

so 3 billion tops with highest averahe price of 1004 thats 300 billion doallrs, at 50$ a barrel thats 150$ billion dollars,

insha Allah what can do with that, i can turn jubaland into the singapore and switzerland of africa with massive investments in housing, water, edcation, hopsital, heck i want the population to explode,

can you imagine having made in jubaland manufactured products all over the world,

in the 50s and 60 it was made in japan, 70s and 80s was made in Taiwan , south korea,

in the 90s and 2000s it was made in china,

china will go toward service sector/ tertiary sector as it becomes too expensive to manufacture goods and will focus on higher order goods/ more value added goods,

this is my domain, as an economist, we will start with manufacturing and ideally would like to go towards ervice sectro after 20 years towards islamic banking, worth around 20 trillion dollars globally and its growing like 20 % annually and malaysia and dubai control vast majorty,

the future is bright if we use teh money right, we just need to keep it from marehan as marehan is like hawiye, waa corrupt by nature, from siad barre to farmajo all we have seen is marehan involved in war and corrubtion,

barre huraale made millions each month from kismayo port yet he is penniless and his people did not benefit, horta what did mareahn do with the hundreds of milions from the port in 10 years?

NADA, nothing, not an oit, yet cabdi iley depsite fighting many wars wa sending 7 million to jubaland and military trucks and other gear each month, if cabdi iley could do thatd despite oromo breathing down his neck and protecting 5,000 km border, why did hiraale not help marehan build kismayo and invest? becasue marehan by nature doesn't think long term, waa short termist like bantus who dont think about tomrow

mareahn insha Allah will be kept from being in charge of jubaland, waa too dnagerous trusting a rimative creature bent on looting and corruption, waa fufu mentality,



i want super high way trains and sub ways and high facility medical centers, i want medical tourist to come to jubaland insha Alah for treatment like they go to india and pay 20,000 $ instead of paying 100,000 in the USA, thats what i want, edcuation, peace, no violence and sadly marehan must be kept away from the presidency by force if necessary, heck better yet, deport them back to galgaduud
 
F

Farjano-Walad

Shaolin23 said:
View attachment 65387

Mother fucking adoons gonna get rich off our oil Ceelwaaq unuka leh i pray to Allah these Adoons don’t do directional drilling into Gedo where most of the oil is :pacspit:
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adoon, we won and rule you in ddsi, adoonyahow b00nka ah, you sit behind ogadena and tells yuo to jump, heck he did not even give yuo a minister uncle cagjar even though he gave to lagabs like jaarso,

you are under my boot in jubaland and ddsi, behave naya my adoon b00nita
 
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