July 25, 2024
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OIL & GAS

Somalia Plans First Oil Production by End of the Year

Somalia is set to embark on its first-ever oil production in history by the end of this year. This was disclosed by the Somalian Minister of Petroleum and Mineral Resources Abdirizak Omar Mohamed, EnergyAfrique reports, as gathered by azernews, citing sources.

Speaking to the Garowe portal, Mohamed revealed that the country is gearing up to commence oil extraction within its territory for the first time in its history.

“We are excited to announce Somalia’s entry into the oil production arena, marking a significant milestone in our nation’s development,” stated Minister Mohamed. “This endeavor holds great promise for our economy and opens up new avenues for growth and prosperity for our people.”

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In October 2022, Somalia signed an agreement to develop oil reserves with US-based Coastline Exploration.

Based on a production-sharing principle, the agreement grants Coastline Exploration the right to explore for oil in seven blocks. Geoseismic studies have shown that Somalia has potential oil and natural gas reserves equivalent to 30 billion barrels.

The first oil is expected to be extracted from fields in Galmudug, Southwest and Jubaland states.

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