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Spectrum ASA entered into a Multi-Client master co-operation agreement with the federal government of Somalia during a signing ceremony on September 5th at the SYL Hotel, Mogadishu.

The agreement allows Spectrum to acquire approximately 28,000 km of long offset 2D seismic data offshore south Somalia. The new acquisition has been specifically designed to complement 20,000 km of existing seismic that was acquired in 2014. Spectrum has also been granted the marketing rights for this data. Together, these seismic surveys will allow the in-depth study of hydrocarbon prospectivity offshore Somalia, which lies in close proximity to major discoveries on the East African margin. Spectrum will use its global reach to market both data sets and raise industry interest.

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Somalia should focus on the south korean economic format and on vast industrialization not on idiotic shit like natural resources who will soon end.

Isn't that area also claimed by the Kenyans?

momme1234 wrote:Somalia should focus on the south korean economic format and on vast industrialization not on idiotic shit like natural resources who will soon end.

SK can't be a role model for Somalis. For one, their history goes back way longer than us. They also were colonized by the Japanese and Americans who helped them rebuild.

SK just like the Japan put a lot of emphasis in education.

Oil in Somalia is a myth so far.
20 years people saying we have oil, FOH.

Rambie wrote:Oil in Somalia is a myth so far.
20 years people saying we have oil, FOH.

Except in the Lower Mudug Basin. The crap is oozing out of the ground.

Rambie wrote:Oil in Somalia is a myth so far.
20 years people saying we have oil, FOH.

It probably does have a lot of oil given it is found around Lake Turkana in Kenya and the Arabian peninsula...
Big business however hates political insecurity and that's why nobody wants to risk drilling in Somalia when there are safer alternatives.

AbdiWahab252 wrote:

Rambie wrote:Oil in Somalia is a myth so far.
20 years people saying we have oil, FOH.

Except in the Lower Mudug Basin. The crap is oozing out of the ground.

Maybe you got me wrong, am not saying it out of envy or anything, but so far
there is no proven reserve of oil in any Somali inhabitant areas. People all are laid
back because they think we have huge oil uncderneath Somalia and make conspiracy theroies.

Like "the world is destablising Somali because of oil" or the famouse theory of:
"Saudi Arabia is behind Somalia's civil war because our oil is deeper and if we pump it, their oil fields will run dry"



What I want to say is, people shouldn't
get hyped up until there is a clear estimation of the size of oil.

Remember the huge" oil fiasco" in UK early this year?
That is Somali right there.

Itrah wrote:

Rambie wrote:Oil in Somalia is a myth so far.
20 years people saying we have oil, FOH.

It probably does have a lot of oil given it is found around Lake Turkana in Kenya and the Arabian peninsula...
Big business however hates political insecurity and that's why nobody wants to risk drilling in Somalia when there are safer alternatives.

Not sure what you mean. SL & PL are save, but no one wants to dreal there.
I've been hearing about the oil in Somalia since I was born, still nothing so far.

Somalia doesn't need oil, people already get kilt over petty things, this would just re-fuel the on going war

Why extract oil when you can sit on your skinny ass all day talking about another qabiil

Even if there was OIL in Somalia, this wouldn't be a good time to extract it. Crude Oil is trading at $40 a barrel. Wait until that shit hits $100 a barrel and Somalis could live like kings.

Rambie wrote:
Not sure what you mean. SL & PL are save, but no one wants to dreal there.
I've been hearing about the oil in Somalia since I was born, still nothing so far.

Neither places, or the FGS for that matter have passed a natural resources law. The most basic thing in oil exploration; even South Sudan has one.
There are probably many companies that have seen Somalia's potential who then say "lets take a look at the legal code" only to find out there is no legal code

Rambie wrote:Not sure what you mean. SL & PL are save, but no one wants to dreal there.
I've been hearing about the oil in Somalia since I was born, still nothing so far.

SL & PL are not national governments and hence unreliable and fall into the same political instability bracket as the south.
Big companies want to deal only with stable national governments.

Notice how all the companies that have attempted to get into Somalia's oil are shitty small companies, while Chevron/Shell/BP/Exxon/Conocophillips etc avoid Somalia like the plague.

AUN MSB started that process with Conoco and Shell but there HQs were looted and ransacked, I believe they still have a valid 30yr contract that still hasn't expired. Interested to see where this "Spectrum" came from