In a historic development for the Horn of Africa, Somalia is preparing to officially declare itself an oil-producing nation following the completion of a comprehensive oil and gas assessment that has revealed substantial hydrocarbon reserves.
President Hassan Sheikh Mohamud is scheduled to meet with his Turkish counterpart in Istanbul tomorrow to unveil the findings of recent geological surveys, which indicate commercially viable oil and gas resources in both offshore and onshore locations. Preliminary data confirmed by Dawan Africa points to significant deposits within Somalia’s sedimentary basins, which are considered highly prospective for hydrocarbon development.
The announcement marks the culmination of an ongoing partnership with Turkish Petroleum Corporation (TPAO), which has been conducting seismic surveys and preparing for exploratory drilling operations. The two nations are also poised to sign an expanded agreement covering the exploration of onshore oil and gas reserves across a vast area of 16,000 square kilometers.
Somalia’s hydrocarbon potential has attracted increasing attention in recent years after decades of limited exploration due to prolonged conflict. Preliminary seismic studies suggest that the country’s offshore and onshore basins may contain up to 30 billion barrels of oil and gas equivalent. The Indian Ocean offshore blocks are of particular interest, as they resemble successful hydrocarbon-rich basins found elsewhere in East Africa, according to data from the U.S. Department of Commerce and Trade.
The Somali government has established a solid regulatory framework to attract international investment, including Production Sharing Agreements with global energy firms. This declaration represents a pivotal moment for Somalia’s energy sector, laying the groundwork for future oil exports and potentially transforming the country’s economic landscape through sustainable growth driven by its hydrocarbon resources.
Source: dawan.africa