Somalia | Oil, Gas & other Exploration News - Page 5

Janub · January 21st, 2012, 07:07 PM

***Xusein*** · January 21st, 2012, 11:49 PM

I just heard that the projected value of oil based on the current price in both the Nugaal and Dharoor fields is $1.9 trillion. Wow.

ja'far · January 22nd, 2012, 01:18 AM

Quote:

Originally Posted by Xusein

I just heard that the projected value of oil based on the current price in both the Nugaal and Dharoor fields is $1.9 trillion. Wow.

Are you for real?

They haven't discovered anything yet.

Ayatulahi · January 22nd, 2012, 01:49 AM

^ It's true check this

abesha · January 22nd, 2012, 02:16 AM

Damn! Somalis will soon be living like Qataris! If that much is lying around in Somalia, it's only logical it extends across the border

The Australian accent is super ugly.

ja'far · January 22nd, 2012, 02:32 AM

Quote:

Originally Posted by abesha

Damn! Somalis will soon be living like Qataris! If that much is lying around in Somalia, it's only logical it extends across the border

The Australian accent is super ugly.

And that's only puntland region. Imagine the rest of country in areas such as Somaliland, Gulf of Aden, Indian Ocean and Central and southern Somalia.
The sky could be the limit.

abesha · January 22nd, 2012, 02:35 AM

Absolutely. In that same article posted above (the one from the 80s), it also talks of uranium and other valuable minerals.

You guys need to hurry up and get the country under control.

ja'far · January 22nd, 2012, 02:47 AM

Quote:

Originally Posted by abesha

Absolutely. In that same article posted above (the one from the 80s), it also talks of uranium and other valuable minerals.

You guys need to hurry up and get the country under control.

When you have oil The U.S gov't wants peace of the pie. Otherwise, you become threat to national security.

The Nomadic Warrior · January 22nd, 2012, 04:14 AM

If Puntland really does have 20 billion barrels of Oil. That would make it 20th biggest proven oil reserves in the world. And Puntland is just one region in Somalia. Somaliland and Southern Somalia combined could potentially hold Oil along with our huge off shore possible with our large EEZ.

Janub · January 22nd, 2012, 04:29 AM

Read this crazy Times article from 2010, stating that East Africa could be onto record-breaking discoveries, with Somalia highlighted.

http://www.time.com/time/business/ar...970726,00.html

Quote:

Much of East Africa's hopes are focused on a fault line running from Somalia to Madagascar known as the Davie Fracture Zone. It's there that Bertagne's analysis — using Cold War–era sea-floor mapping originally intended for use by Soviet submarines — has prompted speculation about oil deposits rivaling those of the North Sea or Middle East.

Quote:

Explorers salivate in particular at the prospect of peace in Somalia. Oil reserves in the blocks licensed to two small oil companies, Africa Oil and Range Resources, could contain as much as 10 billion bbl. Nobody is talking about producing oil in Somalia anytime soon, but analysts say oil companies are less likely to be intimidated by political risk than they were in the past.

Things are looking up.

***Xusein*** · January 22nd, 2012, 04:59 AM

Quote:

Originally Posted by ja'far

Are you for real?

They haven't discovered anything yet.

I got it from that video posted, I was surprised in hearing that myself!

Put that in perspective, Somalia's GDP in 2010 was a tiny $5 billion.

Constantine MMX · January 22nd, 2012, 05:08 AM

Somalia's GDP is higher than that Xusein, remember that 99% of the economy is informal. CIA World fact book, IMF and all the other orgs have no presence in Somalia, and their data has been static for like two decades.

Quote:

Originally Posted by The Nomadic Warrior

If Puntland really does have 20 billion barrels of Oil. That would make it 20th biggest proven oil reserves in the world. And Puntland is just one region in Somalia. Somaliland and Southern Somalia combined could potentially hold Oil along with our huge off shore possible with our large EEZ.

If 20 billion barrels of proven oil reserves is established, from an African persepective that would put us above Angola, and below Nigeria and Libya. The top five of Africa would look something like this:

1. Libya
2. Nigeria
3. Somalia
4. Angola
5. Algeria

Countries like Kazakhstan went from a below $1000 GDP per capita in the 1990s to a +$10000 today. If Somalia could take a page from the Kazakh, or others like Malaysia and the UAE, the future could be very bright.

BTW; in the 70s and 80s alot of Somali men left for Dubai and the Gulf to work in the oil-industry, wouldn't it make sense to reach out to them?

***Xusein*** · January 22nd, 2012, 05:15 AM

Quote:

Originally Posted by Constantine MMX

Somalia's GDP is higher than that Xusein, remember that 99% of the economy is informal. CIA World fact book, IMF and all the other orgs have no presence in Somalia, and their data has been static for like two decades.

Definitely! But my point was that this find (let alone any other future finds) dwarfs our current output! This has the potential to be the biggest economic story to hit Somalia since independence.

Ras Siyan · January 22nd, 2012, 06:31 AM

Quote:

Originally Posted by Xusein

I just heard that the projected value of oil based on the current price in both the Nugaal and Dharoor fields is $1.9 trillion. Wow.

Janub · January 22nd, 2012, 06:55 AM

East Africa as a whole is experiencing a near-miraculous resource boom. As the world's poorest corner, this region should see some astronomical growth in coming years.

Ras Siyan · January 22nd, 2012, 07:38 AM

Wey u qaraxday Somalia! War iska heshiiya khalas, cashada meesha taala wey idinku wada filantahee, anakana wax naga soo gaadhsiiya

Janub · January 22nd, 2012, 07:53 AM

There is already peace in Somalia, only the illusion of a civil war lingers. There are functioning administrations in 95% of Somalia. Only the capital and surrounding areas is experiencing a degree of chaos, the rest is fine and negotiable.

Lailax · January 22nd, 2012, 03:00 PM

Quote:

Originally Posted by Xusein

I just heard that the projected value of oil based on the current price in both the Nugaal and Dharoor fields is $1.9 trillion. Wow.

Inb4 invasion and claims of enriching uranium *cough*
Tongue in cheek comment perhaps but we all know ordinary Somalis won't get any of the profits. Natural resources corrupts in Africa. This will be no different.

Quote:

Originally Posted by Xusein

We are ballin, man. Stuff like this makes me feel good.

Camellete · January 22nd, 2012, 04:37 PM

Every Somali knew Somalia was oil rich, the question is how far does it stretch?

I really hope Somalis get their act together and share it out, we could indeed be 'ballin'.
Lets hope no more Somali babies (any baby in the horn region for that matter) dies of hunger again!

musa90 · January 22nd, 2012, 04:37 PM

I think they might be exaggerating some of these estimates in order to attract investors. However, if they aren't then this is just awesome.

January 21st, 2012, 11:49 PM	#82
*Xusein* Somali Mod Join Date: Sep 2005 Location: Kingdom Come Posts: 24,579 Likes (Received): 447	I just heard that the projected value of oil based on the current price in both the Nugaal and Dharoor fields is $1.9 trillion. Wow. __________________ SkyscraperCity SOOMAALIYA

January 22nd, 2012, 01:49 AM	#84
Ayatulahi Sh. Ayatulah Al-Burcaawi Join Date: Oct 2009 Posts: 441 Likes (Received): 17	^ It's true check this __________________ Riyadii hallowday!! Somaliyeey kaca toosa, waad qalibanteene. http://sabiosenaccion.files.wordpres...er_somalia.jpg

January 22nd, 2012, 07:38 AM	#96
Ras Siyan INKITENO Join Date: Jan 2009 Location: Djibouti Posts: 4,343 Likes (Received): 50	Wey u qaraxday Somalia! War iska heshiiya khalas, cashada meesha taala wey idinku wada filantahee, anakana wax naga soo gaadhsiiya __________________ For some weird reason, our ancestors decided to settle in the driest, resource-poor corner of Africa.

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January 21st, 2012, 07:07 PM	#81
Janub BANNED Join Date: Apr 2009 Posts: 2,276 Likes (Received): 1

January 22nd, 2012, 02:16 AM	#85
abesha BANNED Join Date: May 2006 Location: Behind you Posts: 16,787 Likes (Received): 437	Damn! Somalis will soon be living like Qataris! If that much is lying around in Somalia, it's only logical it extends across the border The Australian accent is super ugly.

January 22nd, 2012, 02:35 AM	#87
abesha BANNED Join Date: May 2006 Location: Behind you Posts: 16,787 Likes (Received): 437	Absolutely. In that same article posted above (the one from the 80s), it also talks of uranium and other valuable minerals. You guys need to hurry up and get the country under control.

January 22nd, 2012, 04:14 AM	#89
The Nomadic Warrior Registered User Join Date: Apr 2010 Posts: 3,226 Likes (Received): 65	If Puntland really does have 20 billion barrels of Oil. That would make it 20th biggest proven oil reserves in the world. And Puntland is just one region in Somalia. Somaliland and Southern Somalia combined could potentially hold Oil along with our huge off shore possible with our large EEZ.

January 22nd, 2012, 06:55 AM	#95
Janub BANNED Join Date: Apr 2009 Posts: 2,276 Likes (Received): 1	East Africa as a whole is experiencing a near-miraculous resource boom. As the world's poorest corner, this region should see some astronomical growth in coming years.

January 22nd, 2012, 07:53 AM	#97
Janub BANNED Join Date: Apr 2009 Posts: 2,276 Likes (Received): 1	There is already peace in Somalia, only the illusion of a civil war lingers. There are functioning administrations in 95% of Somalia. Only the capital and surrounding areas is experiencing a degree of chaos, the rest is fine and negotiable.

January 22nd, 2012, 04:37 PM	#99
Camellete Registered User Join Date: Jun 2009 Posts: 1,199 Likes (Received): 24	Every Somali knew Somalia was oil rich, the question is how far does it stretch? I really hope Somalis get their act together and share it out, we could indeed be 'ballin'. Lets hope no more Somali babies (any baby in the horn region for that matter) dies of hunger again!

January 22nd, 2012, 04:37 PM	#100
musa90 Registered User Join Date: Mar 2007 Posts: 2,194 Likes (Received): 2	I think they might be exaggerating some of these estimates in order to attract investors. However, if they aren't then this is just awesome.