In a bold expansion of its global energy ambitions, Turkey has announced the discovery of 20 billion barrels of crude oil off the coast of Somalia. The find follows high-resolution seismic surveys carried out by Turkey's Orus Reis research vessel, under a landmark hydrocarbons cooperation agreement signed between the two countries in March 2024.
According to the terms of the deal, Turkey will retain 90% of the production rights, while Somalia is set to receive a 5% royalty—sparking widespread debate over the fairness and long-term sustainability of the arrangement.
Two of the offshore blocks have already been declared commercially viable, while a third block is still being evaluated, with final results expected by August 2025. President Hassan Sheikh Mohamud has defended the agreement, asserting it could generate $5–10 billion in annual revenue for Somalia and potentially transform its economy.
However, environmentalists and political analysts caution that the venture also raises red flags: security instability, climate risks, and regional disputes could complicate the rollout of production, which is not expected to begin until at least 2028.
#TurkeyOil #SomaliaOilDiscovery #Geopolitics #EnergyDeals #OffshoreDrilling #AfricaEnergy #NaturalResources
According to the terms of the deal, Turkey will retain 90% of the production rights, while Somalia is set to receive a 5% royalty—sparking widespread debate over the fairness and long-term sustainability of the arrangement.
Two of the offshore blocks have already been declared commercially viable, while a third block is still being evaluated, with final results expected by August 2025. President Hassan Sheikh Mohamud has defended the agreement, asserting it could generate $5–10 billion in annual revenue for Somalia and potentially transform its economy.
However, environmentalists and political analysts caution that the venture also raises red flags: security instability, climate risks, and regional disputes could complicate the rollout of production, which is not expected to begin until at least 2028.
#TurkeyOil #SomaliaOilDiscovery #Geopolitics #EnergyDeals #OffshoreDrilling #AfricaEnergy #NaturalResources
In a bold expansion of its global energy ambitions, Turkey has announced the discovery of 20 billion barrels of crude oil off the coast of Somalia. The find follows high-resolution seismic surveys carried out by Turkey's Orus Reis research vessel, under a landmark hydrocarbons cooperation agreement signed between the two countries in March 2024.
According to the terms of the deal, Turkey will retain 90% of the production rights, while Somalia is set to receive a 5% royalty—sparking widespread debate over the fairness and long-term sustainability of the arrangement.
Two of the offshore blocks have already been declared commercially viable, while a third block is still being evaluated, with final results expected by August 2025. President Hassan Sheikh Mohamud has defended the agreement, asserting it could generate $5–10 billion in annual revenue for Somalia and potentially transform its economy.
However, environmentalists and political analysts caution that the venture also raises red flags: security instability, climate risks, and regional disputes could complicate the rollout of production, which is not expected to begin until at least 2028.
#TurkeyOil #SomaliaOilDiscovery #Geopolitics #EnergyDeals #OffshoreDrilling #AfricaEnergy #NaturalResources
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