We Puntland have the data and deals in place.
Somalia’s oil exploration to conclude by April 2025, signalling potential economic boom
- Thread starter geeljre49
- Start date
Sadly minning is harder than taking out oil. And the market is already dominated by cheap Congo minerals and sophisticated mines in Australia, China etc
Abdisamad
VIP
There's no oil and if there's it is not that significant amount.
Very disappointing
We should get an update in may on whether the surveys were completed. The plan was to complete two blocks next to each other off Galgaduud. Then finish the hobyo block by June. If all goes well we should also get the initial data by then.
Indian ocean.
Turkey is only exploring three blocks covering 4,111 km², which represents just 0.5% of Somalia's exclusive economic zone
They are not allowed to enter our waters.
Ashraf
🌊🐫𐒅𐒔𐒖𐒂 𐒅𐒘𐒐𐒐𐒗𐒇🇸🇴🪽
Took this long for 0.5% of our eez
do you know how long Somalia is?
Somalia has more oil than Venezuela and Saudi Arabia. I can bet a trillion dollars. Over 200 blocks and only 3 blocks contain 30 billion barrels oils. We are blessed indeed. Not to forget onshore blocks too! I hope we can develop our country, build highways, roads, hospitals and strong army, navy and airforce, maybe develop nuclear weapons and hopefully become a civilised nation like most countries today.
if I was the president of Somalia. I would invest a significant portion of our oil wealth into green energy developments since green energy is the next “black gold”. Also build world class hospitals and airports I.e. International Health City/Centre in Garowe. That project is really appealing to the eye. Imagine people travelling from all parts of the world into Somalia to receive good health care. Besides that the recent oil discovery is a great advantage to the new Somali currency. For those who are familiar with economy. A great currency is backed by natural resources. So The Somali Shillings could potentially be the strongest currency in Africa and potentially compete with other strong backed currencies like the GBP, USD and EUR. Look at Kuwait, Oman and Bahrain their currency is at least double x more worth than the USD/GBP/EUR. We don’t want to end up like Qatar, UAE and KSA. Despite their oil wealth their currencies is still shocking.
But to be fair, within 50 or 60 years I see 1 SOS (Somali Shillings) worth:
$2.50 USD
£4 GBP
€2 EUR
if I was the president of Somalia. I would invest a significant portion of our oil wealth into green energy developments since green energy is the next “black gold”. Also build world class hospitals and airports I.e. International Health City/Centre in Garowe. That project is really appealing to the eye. Imagine people travelling from all parts of the world into Somalia to receive good health care. Besides that the recent oil discovery is a great advantage to the new Somali currency. For those who are familiar with economy. A great currency is backed by natural resources. So The Somali Shillings could potentially be the strongest currency in Africa and potentially compete with other strong backed currencies like the GBP, USD and EUR. Look at Kuwait, Oman and Bahrain their currency is at least double x more worth than the USD/GBP/EUR. We don’t want to end up like Qatar, UAE and KSA. Despite their oil wealth their currencies is still shocking.
But to be fair, within 50 or 60 years I see 1 SOS (Somali Shillings) worth:
$2.50 USD
£4 GBP
€2 EUR
Abdisamad
VIP
Don't get disappointed sxb.. There is no oil and even if there is something the profit will evaporate due to mismanagement and corruption.Somalia has more oil than Venezuela and Saudi Arabia. I can bet a trillion dollars. Over 200 blocks and only 3 blocks contain 30 billion barrels oils. We are blessed indeed. Not to forget onshore blocks too! I hope we can develop our country, build highways, roads, hospitals and strong army, navy and airforce, maybe develop nuclear weapons and hopefully become a civilised nation like most countries today.
if I was the president of Somalia. I would invest a significant portion of our oil wealth into green energy developments since green energy is the next “black gold”. Also build world class hospitals and airports I.e. International Health City/Centre in Garowe. That project is really appealing to the eye. Imagine people travelling from all parts of the world into Somalia to receive good health care. Besides that the recent oil discovery is a great advantage to the new Somali currency. For those who are familiar with economy. A great currency is backed by natural resources. So The Somali Shillings could potentially be the strongest currency in Africa and potentially compete with other strong backed currencies like the GBP, USD and EUR. Look at Kuwait, Oman and Bahrain their currency is at least double x more worth than the USD/GBP/EUR. We don’t want to end up like Qatar, UAE and KSA. Despite their oil wealth their currencies is still shocking.
But to be fair, within 50 or 60 years I see 1 SOS (Somali Shillings) worth:
$2.50 USD
£4 GBP
€2 EUR
America invaded Somalia back in 1991 for a reason plus Siad Barre refused oil deals by Exxon mobil and conocco because he said i will not give 70 percent or more to US whilst we get 20 or 30 percent. Siad barre even mentions the oil belongs to the future generations to come.
Keep your head up. Don't let foreigners think we're Nigeria. Somalis share the same religion the same language and the same culture.
There definitely is oil. Now whether it will benefit the population is dependent on what kind of government is in power when the drilling starts.
