Somalia set to drill oil, to improve economy

MOGADISHU, Somalia - Somalia is in the final stages of exploration of oil which would significantly improve its economic exploits, the government has announced, with the process being in the final stages.

For years, Somalia has persistently embarked on a possible exploration of oil in the country, with several countries expressing interest. By next year, the government announced, some of the oil deposits shall be ready for exploration.

Dr. Abdirsaaq Omar Mohamed, the Minister of Petroleum and Minerals, said the move comes following a strategic agreement between Somalia and Turkey. Turkey had expressed intentions to explore the oil in the offshore coast of Somalia.

Mohamed revealed that a Turkish vessel is scheduled to arrive in September to conduct the final survey of potential drilling sites adding that the official commencement of oil drilling is slated for early 2025.

In the coming months, he said, Somalia could be a full-fledged member of the International Atomic Energy Agency (IAEA), which is expected to yield substantial benefits for the country. The membership guarantees the country permission to export oil to neighbouring countries.

The country has been fighting to stem authority on its oil and other natural resources, with the most recent battle being the maritime row with Kenya. The country won the case on the Indian Ocean maritime border at the International Court of Justice.

This development demonstrates Somalia’s commitment to advancing its energy sector and leveraging international partnerships for economic growth, the minister said, while acknowledging the massive impact that oil could foster in the country's social-economic transformation.

President Hassan Sheikh Mohamud maintains that once the oil potential is fully explored, many people's lives will significantly change in Somalia. The country is ranked as one of the poorest nations on planet Earth.

GAROWE ONLINE