Somali invites oil exploration

Despite security concerns and price slump, oil is still a big draw. 

Somalia invites energy companies to explore for oil

The price of oil may have fallen off a cliff recently, but that has not deterred energy giants like Exxon Mobil, Royal Dutch Shell, BP and Chevron from reactivating plans to drill in Somalia.

The Horn of Africa country could be the next focus for the energy industry, as the government claims the nation will be producing oil within six years.

London-based Soma Oil and Gas, which is backed by Russian billionaire Alexander Djaparidze, has completed an onshore and offshore seismic survey and it is encouraged by the results. Details are expected to be published by the end of the year.

Security remains a concern for foreign investors, but Somalia says with the help of troops from the African Union, it is making progress against the Islamist insurgents al-Shabab.

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One Reply to “Somali invites oil exploration”

  1. Malcolm Warr

    I chaired the subsea conference in Aberdeen last week. East African coast Exploration was discussed a lot. Creating the proper onshore support infrastructure is the key issue for Somalia.

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