• 3 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 19 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 7 mins WTI @ $75.75, headed for $64 - 67
  • 1 hour EU to Splash Billions on Battery Factories
  • 4 hours US top CEO's are spending their own money on the midterm elections
  • 42 mins The Dirt on Clean Electric Cars
  • 11 hours Petrol versus EV
  • 6 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 31 mins Satellite Moons to Replace Streetlamps?!
  • 3 hours The Balkans Are Coming Apart at the Seams Again
  • 8 hours 10 Incredible Facts about U.S. LNG
  • 1 hour Uber IPO Proposals Value Company at $120 Billion
  • 17 hours E-mopeds
  • 4 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 7 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

Move Aside Lithium – Vanadium Is The New Super-Metal

Lithium took investors across the…

Alt Text

Oil Prices Rise On Iran, Hurricane Outages

Oil prices recovered on Tuesday,…

Alt Text

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

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