Somalia says Turkey will begin drilling oil from the country’s massive coastline from next year according to the Director General of the Somali Ministry of Petroleum and Mineral Resources, Mohamed Hashi Abdi ‘Arabey’.
According to the East African, Abdi confirmed the recent assertion by a Turkish official on a plan for a deep-sea oil operation by 2025.
Somalia in early March had signed a new oil and gas deal with Turkey which officials of both countries said would aid cooperation in the exploration and exploitation of petroleum products.
The deal was inked in Istanbul by Somalia’s Petroleum and Mineral Resources Abdirisaaq Omar Mohamed and Turkish Energy Minister Alparslan Bayraktar.
Somalia’s minister Omar Mohamed who signed the cooperation in exploration and exploitation deal explained that both countries had a bilateral understanding, describing a broad cooperation framework.
An official Somalian memo said the deal targets hydrocarbon reserves in Somalia’s exclusive economic zone but little was said about how revenue from the investment was going to be shared.
The minister further indicated that revenue sharing will emerge when the parties reach a stage to sign a Production Share Agreement (PSA).
Turkish energy minister claimed that the deal will bring more benefits to the Somalian government and people.
He further explained that Turkey seeks to establish its presence in the Horn of Africa with new deals in the field of energy.