Malaysian oil and gas explorer, Pexco has ceased oil exploration operations in Somali regions.
Intelligence reports show that the Kuala Lumpur Based company stopped it’s operations on both Warder-Galadi-Ferfer oil blocks.
Pexco Exploration East Africa had a petroleum production sharing contract with the Ministry of mines on 18th October 2005 expiring July 2013 for an area covering 29,000 sq km on the northern Somali border regions.
Pexco Exploration E.A terminated the project in July 2013 and completed withdrawal of staff and resources from the Warder-Galadi-Ferfer blocks in March 2014.
Intelligence shows the company stopped further exploration since the contract expired and that the firm has been too busy in its Asian operations.
During its project, Pexco Exploration conducted an airborne gravity survey of 5,500 km. It also conducted a magnetic survey of 3,1000 km in the Warder-Galadi-Ferfer blocks.
Pexco also conducted a 2D seismic survey on 732 line km spending 20 million dollars in expense throughout the exploration operations in these Somali regions.ing contract.
Pexco Somalia operations may resume if the government renews the petroleum production sharing concession.
Strategic Intelligence Energy resource confirms that Pexco has applied for the renewal of the license to explore the oil blocks further.
Somalia has unaccounted deposits of oil and gas which industry experts project to be in billions of barrels.
