Massive oil & gas discovery offshore Somalia

[Canuck]

Massive oil & gas discovery offshore Somalia. Reserves are estimated to be among the largest in the world.
https://www.geoexpro.com/articles/2016/05/offshore-somalia-east-africa-s-oil-frontier

 

[Canuck]

Petroleum minister who was recently disqualified for electoral fraud, had this information & never shared it.

 

[waraabe]

Somalia has no oil, it would've been extracted in the 60s, 70s, 80s. I believe a lot of Somalis were hoping for oil to lift them out of poverty but it just isn't gonna happen.

 

[Admin]

EVEN if it is there it should never be exploited because the Somali president and so-called government are corrupt to the core. They can not manage our natural resources. We must never encourage exploration!

 

[cantspeak]

Yeah there's a known phenomena called the resource curse.

http://puu.sh/sD9ZA/9c7a38da81.png

 

[rational]

The Somali people are unlikely to benefit, our politicians will sell it off for pennies on the dollar. I guarantee it.

 

[Admin]

Somalia May Pay 90% Oil Revenue to Explorer Under Draft Deal

https://www.bloomberg.com/news/arti...0-of-oil-revenue-to-explorer-under-draft-deal

Very corrupt people.

 

[rational]

Somalia May Pay 90% Oil Revenue to Explorer Under Draft Deal

https://www.bloomberg.com/news/arti...0-of-oil-revenue-to-explorer-under-draft-deal

Very corrupt people.

case in point. Highway robbery.

 

[cantspeak]

Somalia May Pay 90% Oil Revenue to Explorer Under Draft Deal

https://www.bloomberg.com/news/arti...0-of-oil-revenue-to-explorer-under-draft-deal

Very corrupt people.

I really do not understand how on earth they do not understand how badly they are selling their pride away.

 

[Admin]

So corrupt other sub-saharan countries managed to get double better deal.

‘Significant’ Deferment

Johnny West, founder of Berlin-based OpenOil, the world’s largest public online database of oil contracts, compared the terms of the Soma PSA to nine “early-stage” offshore African contracts, including postwar Liberia, that have potentially high costs, high exploration risk and various degrees of political risk.

“None of them defer significant revenue streams to the government for as long as Soma,” he said. “The next lowest cap on upside to the government of a mega-find is effectively 60 percent of profit, half as much again as in the Soma deal,” he said in a phone interview.

 

[rational]

I really do not understand how on earth they do not understand how badly they are selling their pride away.

They got their house paid off, worry about pride or future of the people? nahhhh :siilaanyolaugh:

 

[Canuck]

case in point. Highway robbery.

Somalia May Pay 90% Oil Revenue to Explorer Under Draft Deal

https://www.bloomberg.com/news/arti...0-of-oil-revenue-to-explorer-under-draft-deal

Very corrupt people.

This deal was canceled, Somalia still has some decent politicians

 

[rational]

This deal was canceled, Somalia still has some decent politicians

That's great to hear. There is hope yet.

 

[Hawdian]

Somalia has no oil, it would've been extracted in the 60s, 70s, 80s. I believe a lot of Somalis were hoping for oil to lift them out of poverty but it just isn't gonna happen.

This needs to be banned.

Oil has literally been found in Somaliland.

Literally in Odweyne district.

Oil seeps have been found in Odweyne area.

Not to mention in sanaag and sool also contains alot of oil.


If we add somaliweyn such as puntland, ogaden and keyna sea border dispute. Our oil could possibly be more than Saudi Arabia.

Sxb please stop trolling, we all know somaliweyn is filthy oil rich.

 

[cantspeak]

This deal was canceled, Somalia still has some decent politicians

Alhamdulillah.

If its such a risky adventure, all they have to do is wait until the security situation improves. This suddenly becomes a much more fruitful investment

 

[Bahal]

I really do not understand how on earth they do not understand how badly they are selling their pride away.

They don't care, it's obviously just a giant cash grab for these people. If they can walk away with a couple million and retire in Dubai or Nairobi, they'll sign anything.

 

[Hawdian]

Your confusing are you pro somaliweyn or not?

Just trying to let him know that somali's have shit tons of oil.

 

[Apollo]

Some of those Gulf Arab oil & gas reserves must be in Puntland as well. Don't know about the rest of Somalia.

 

[waraabe]

Can you guys tell me if there was oil why it wasn't extracted in the 50s, 60s, 70s, 80s

 

[Apollo]

Can you guys tell me if there was oil why it wasn't extracted in the 50s, 60s, 70s, 80s

50s and 60s doesn't count as the tech was very bad. They were only going after the cheap stuff that was easy to extract (Saudis).

70s and 80s because Barre was a maniac.