• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 20 mins Alberta govt to construct another WCS processing refinery
  • 7 hours What Can Bring Oil Down to $20?
  • 2 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 7 hours Let's Just Block the Sun, Shall We?
  • 1 hour OPEC Cuts Deep to Save Cartel
  • 7 hours Venezuela continues to sink in misery
  • 5 hours $867 billion farm bill passed
  • 1 day Sleeping Hydrocarbon Giant
  • 1 day Sane Take on the Russia-Ukraine Case
  • 9 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 3 hours Global Economy-Bad Days Are coming
  • 5 hours Regular Gas dropped to $2.21 per gallon today
  • 9 hours WTO So Set Up Panels To Rule On U.S. Tariff Disputes

Two High Risk Venues, With Big Potential Payouts: Somaliland and Lebanon

Somaliland: Somali’s ‘Other’ Country

Somaliland enjoys a certain amount of strategic advantage. It has a long coastline and deep sea ports, and could eventually serve as a major energy hub for East Africa. Foreign oil companies are already on to this and exploration is beginning in earnest.

Chevron was drilling in Somaliland in the late 1980s, and Conoco was laying airstrips, but these licenses were granted by the Somali government, which was taken over by militias in 1991 - a development that saw Somaliland declare independence that same year. So now we’re starting from scratch. There is the little matter that Somaliland is not an internationally recognized country, but foreign investors do not seem to be bothered by this technical inconvenience.

So far, three independent oil companies have signed up for exploration. The most notable is Turkey’s Genel Energy, which has taken the sector by storm in Northern Iraq. Genel will begin surveying in March and expects to drill its first well in early 2014. Somaliland officials are hoping Genel will have the same success it has had in Iraqi Kurdistan. UK-listed Ophir Energy and Australia-listed Jacka Resources are also in the first exploration. Together, the three companies have seven blocks. Genel owns 75% of two blocks,  Ophir also owns 75% of two blocks. There are a total of 24 blocks up for grabs and they cover one-third of the country’s territory.

No one…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions




Oilprice - The No. 1 Source for Oil & Energy News