Somalia oil is nearing exploration as US companies sign new MOU with Petroleum Ministry

[Dues Ex Machina]

With the scheduled dates for the roadshows in Istanbul, Turkey and Houston, USA nearing some of the companies that had made deals with the previous Somali government in the 80s aren't giving up their oil blocks. Such as UK Shell and Exxon Mobil two of the largest oil company's in the world.

 

[AarLibaax]

I'm still very confused about this
First instalment of rental fee?

Not really comfortable until full clarity is given. Is it first instalment of rental fee since 1991? Monthly? For how long?

Having followed the recent scenes at the British parliament vs the PM it struck me how behind we are as people

 

[Dues Ex Machina]

I'm still very confused about this
First instalment of rental fee?

Not really comfortable until full clarity is given. Is it first instalment of rental fee since 1991? Monthly? For how long?

Having followed the recent scenes at the British parliament vs the PM it struck me how behind we are as people

Yes unfortunately we have a lot of catching up to do. This is the first installment of rental fees from these major corporations for having drilling rights in the blocks they were granted. There will be more licensees given next month. You could read this article for better clarification, this is a short passage from it.

But Somalia will prosper despite the many setbacks, successes and challenges we may face. Our goal is to proceed in the best interests of the Somali people – which will only happen if we ensure an attractive regulatory and fiscal environment for our international partners. We will commit to being transparent and open about our dealings.

Next month I will be in Houston showcasing our new model Product Sharing Agreement as we prepare to invite applications for exploration licences. It is a co-incidence that Somalia’s land mass is the same as Texas, but we are in no doubt that the energy industry’s impact on the development of our country could be every bit as great as it was in Texas a century ago. At that time the burgeoning industry delivered excellent returns to its shareholders whilst financing investment in everything from world class infrastructure to high skilled jobs and education. This is a pattern we believe will be repeated in my country over the coming years and decades.

This is a new chapter in Somalia’s history. Somalia is open for business.

https://africaoilandpower.com/2019/...r-of-petroleum-mineral-resources-full-speech/

 

[AarLibaax]

Yes unfortunately we have a lot of catching up to do. This is the first installment of rental fees from these major corporations for having drilling rights in the blocks they were granted. There will be more licensees given next month. You could read this article for better clarification, this is a short passage from it.



https://africaoilandpower.com/2019/...r-of-petroleum-mineral-resources-full-speech/

Good read, but not what I mean.

At the moment we are talking rental fees which is nothing in the grand scheme of things.

We need much more oversight.
This needs scrutiny, payment plan schedule, publication of fine details to Parliament

 

[gurey]

Dont agree. Untill arms embargo is lifted and we have a government that actually controls something other than villa somalia.

 

[Jiron]

Ilaahayoo kheyr ii nooga dhig

 

[Mr.Haggis]

PSA will be published in jan 2020. drilling will start in 2027. still a long way to go.

 

[Tukraq]

did I read that right? those deals from the 80s better be voided these is a different government/country from the 80s

 

[Yahya]

PSA will be published in jan 2020. drilling will start in 2027. still a long way to go.

Good. By then most of us will be able to contribute and the older diaspora somalis and the new generation youth in somalia will be a little bit older and wiser. We can grow more together as a family and monitor the corruption in the country. Gone are the days of the hegemony of warlords and corrupt leaders.

I'm looking forward to it, i will be finished with my degree and working by then. Hopefully i can volunteer to help out back home for a year or two to help the locals become more aware and understanding of the opportunity we have been provided with to heal our wounds together.

 

[tootrappy]

Im afraid of the climate change fanatics banning petroleum cars by the time we start drilling

 

[Macalin M]

Im afraid of the climate change fanatics banning petroleum cars by the time we start drilling

f*ck we need to start kill..... I mean silencing some of these teenagers. Who’s targeti... I mean talking to Greta Thunberg?

 

[PhySom]

Im afraid of the climate change fanatics banning petroleum cars by the time we start drilling

Petroleum will be phased in another century or so.