Somaliland to award oil exploration license to Middle East firm

somaliland rig finalSeismic work by the four energy companies in Somaliland is scheduled for completion end of 2014 and drilling is expected to commence in 2015. (Image source: Wikimedia Commons)The Ministry of Energy in Somaliland has planned to award an oil exploration license to a Middle East-based energy company later this month

UK-based Genel Energy, UAE’s RAK Gas and Netherland’s DNO International are some of the other international energy firms operating in Somaliland.

According to Bloomberg, Somaliland’s energy minister Hussein Abdi Dualeh said, “We have concluded talks with the Middle East-based company. Now it is just a matter of inking the deal, which would hopefully be done this month.”

UK’s Genel has announced that it would resume exploration work in Somaliland next year. It had suspended operations earlier this year citing security concerns.

Seismic work by the four energy companies in Somaliland is scheduled for completion end of 2014 and drilling is expected to commence in 2015.

“Genel is very bullish about finding oil in Somaliland. They expect success similar to their discoveries in the Kurdistan Region of Iraq,” said Dualeh.

 

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