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Somalia Sees Oil Results This Year as BP, Exxon

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[quote][i]Originally posted by Momodou[/i]
[br]This is real bad news for Somalia! = adding fuel to the fire [;)]
[hr]
"Somalia�s oil deposits may amount to as much as 110 billion barrels, according to a June report published by the Mogadishu-based Heritage Institute for Policy Studies. Saudi Arabia, the world�s biggest oil exporter, has 266 billion barrels of proven reserves, BP data shows."

[b][size=4][url=""]Somalia Sees Oil Results This Year as BP, Exxon Wooed [/url] [/size=4]

By Paul Richardson and Hans Nichols 
2014-08-04[/b]

Somalia expects to complete an assessment of its oil and gas potential this year as security gains in the battle against al-Qaeda militants enable foreign investors to return, President Hassan Sheikh Mohamoud said.

Seismic studies are being conducted onshore and off the coast of the Horn of Africa nation. Companies including Royal Dutch Shell Plc (RDSA), Exxon Mobil Corp. (XOM) and BP Plc (BP/) are in talks with the government about returning to the country for the first time since war erupted in 1991, Sheikh Mohamoud said.

�We are renegotiating with them� on issues including royalty payments and production-sharing agreements, he said in an interview today in Washington at the U.S.-Africa Leaders Summit. �We�re expecting that soon there will be very good activities that we�ll start.�

Somalia is trying to attract investors to help rebuild its economy after African Union-backed government forces gained control of parts of its southern region that had fallen under the control of al-Shabaab. The Islamist-militant group has waged an insurgency against the government for the past seven years as it seeks to create an Islamic state.

While Somalia has no proven oil reserves, drillers are betting the country has a geology similar to that of Yemen, which lies across the Gulf of Aden and has 2.7 billion barrels of proven oil reserves......

[url="http://www.bloomberg.com/news/2014-08-04/somalia-sees-oil-results-this-year-as-bp-exxon-wooed.html"]Read Full Story[/url]
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T O P I C R E V I E W
Momodou	Posted - 07 Aug 2014 : 15:05:11 This is real bad news for Somalia! = adding fuel to the fire "Somalia�s oil deposits may amount to as much as 110 billion barrels, according to a June report published by the Mogadishu-based Heritage Institute for Policy Studies. Saudi Arabia, the world�s biggest oil exporter, has 266 billion barrels of proven reserves, BP data shows." Somalia Sees Oil Results This Year as BP, Exxon Wooed By Paul Richardson and Hans Nichols 2014-08-04 Somalia expects to complete an assessment of its oil and gas potential this year as security gains in the battle against al-Qaeda militants enable foreign investors to return, President Hassan Sheikh Mohamoud said. Seismic studies are being conducted onshore and off the coast of the Horn of Africa nation. Companies including Royal Dutch Shell Plc (RDSA), Exxon Mobil Corp. (XOM) and BP Plc (BP/) are in talks with the government about returning to the country for the first time since war erupted in 1991, Sheikh Mohamoud said. �We are renegotiating with them� on issues including royalty payments and production-sharing agreements, he said in an interview today in Washington at the U.S.-Africa Leaders Summit. �We�re expecting that soon there will be very good activities that we�ll start.� Somalia is trying to attract investors to help rebuild its economy after African Union-backed government forces gained control of parts of its southern region that had fallen under the control of al-Shabaab. The Islamist-militant group has waged an insurgency against the government for the past seven years as it seeks to create an Islamic state. While Somalia has no proven oil reserves, drillers are betting the country has a geology similar to that of Yemen, which lies across the Gulf of Aden and has 2.7 billion barrels of proven oil reserves...... Read Full Story
1 L A T E S T R E P L I E S (Newest First)
toubab1020	Posted - 07 Aug 2014 : 15:54:46 Not at all Momodou, I expect that Somalia has just as much oil reserves as the Gambia has ! "While Somalia has no proven oil reserves, "drillers are betting" the country has a geology similar to that of Yemen, which lies across the Gulf of Aden and has 2.7 billion barrels of proven oil reserves......" The source for this story is " the Mogadishu-based Heritage Institute for Policy Studies." Who ? Ahhhhhh. them....very experienced established in 2013 ! http://www.heritageinstitute.org/ quote: Originally posted by Momodou This is real bad news for Somalia! = adding fuel to the fire "Somalia�s oil deposits may amount to as much as 110 billion barrels, according to a June report published bySaudi Arabia, the world�s biggest oil exporter, has 266 billion barrels of proven reserves, BP data shows." Somalia Sees Oil Results This Year as BP, Exxon Wooed By Paul Richardson and Hans Nichols 2014-08-04 Read Full Story

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