Somalia Has Billion’s of Recoverable Barrels of OilAugust 7 | Posted by David Goldman | Energy Intelligence
Somalia undiscovered oil reserves have been keenly investigated by geophysicists from various prospecting firms and current estimates of recoverable oil reserves is 80-billion barrels.
Such estimates are not actual data from exploration activities and commissioned geological surveys rather projections made if exploration and drilling activities suffice to strike productive wells.
Such a strike would consummate Somalia’s oil and gas reserves as one of the largest untapped energy reserve in the world hence a hotbed for exploration activities.
Currently, various companies are prospecting oil in Somalia with some of the most actively involved being Africa Oil, Australia’s Range Resources and other explorers may have sealed concessions that shortchanges the people of Somalia
Oil strikes of recoverable oil have made Somalia to become a very important subject in the United Nations diary besides investors and foreign governments looking to make investment headway in the country.
If Somalia stabilizes and investors flock, besides oil production is achieved, economic growth would be spurred by affordable energy but only if political stability manifests.
So far, Somalia remains a failed state with African nations leading peace efforts through military activities to rout out militants affiliated to Al-Qaeda controlling large swathes of the Islamic state.