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Browsing: Oil and Gas in Somalia
- According to the Turkish Energy Minister, Turkey will have exclusive rights for search and production when we find oil in these areas.
- Turkey and Somalia signed a defense and economic cooperation agreement during the Somali Defence minister’s visit to Ankara
- In March Somalia inked an oil and gas deal with Turkey which officials mentioned would foster cooperation in the exploration and exploitation of the deposits.
Somalia and Turkey Oil Deal
Despite being torn apart by civil war, Somalia’s geo-seismic studies have shown the war-torn country may have at least 30 billion barrels of oil and gas reserves.
Inching towards stability and fostering civil rest amid Islamic insurgents posing a threat to peace and harmony, Somalia’s newly discovered oil and gas deposits could be the nation’s breakthrough.
Although the resources take time to develop – exploration usually takes three to five years and production can only begin after the latter is …