Somaliland Petroleum exploration

[Maroodijex]

ODEWAYNE SOMALILAND 2D SEISMIC EXPECTED IN-HOUSE IN Q4 2017
http://www.oilnewskenya.com/odewayne-so ... e-q4-2017/

[X.Playa]

Genel has 50 percent interest on the Odewayne Block while Sterling Energy (East Africa) Limited has 34 percent and has the remaining Petrosoma Limited 16%. On the SL-10B/13 block Genel is the operator with 75 percent interest.

That's 100% privately owned my god and what we are celebrating?

Who gave the right to few politicians and traders to 100% ownership of the people's resource. Another question is how much SL politicians sold these resources for and when did the transaction took place.

This is a total xaraash of SL. Probably the rest of the Blocks have also 100% Private ownership.

Aan ooyee albaabka I xidha. Am totally stunned.

[AwRastaale]

Just a survey nothing tangible. I believe even the year 2050, SL will still be talking about oil explorations.

Such failure, besides age of petroleum is coming to an end.

Talk about missed opportunities.

That's one topic I don't wish to hear about. Innovation not going back to 1890s.

No hope there.

[Prlnce]

Genel has 50 percent interest on the Odewayne Block while Sterling Energy (East Africa) Limited has 34 percent and has the remaining Petrosoma Limited 16%. On the SL-10B/13 block Genel is the operator with 75 percent interest.

That's 100% privately owned my god and what we are celebrating?

Who gave the right to few politicians and traders to 100% ownership of the people's resource. Another question is how much SL politicians sold these resources for and when did the transaction took place.

This is a total xaraash of SL. Probably the rest of the Blocks have also 100% Private ownership.

Aan ooyee albaabka I xidha. Am totally stunned.

Don't worry the all powerful farmaajo and his faqash minions will not let this stand Remember Xamar has permanent sovereignty over natural resources.

[AwRastaale]

I'm not surprised X-Gaal has no idea how these things work once again but he is quick to spit out his usual clueless calacaal.

These companies all own their respective shares of said blocks. They will invest and cover the cost of exploration based on their agreed shares. Odweyne is divided into three shares; 50%, 34% and 16% = 100%.

That has nothing to do with how SL like all host countries make their money from oil. They can get it by royalty shares and the most important RESOURCES TAX.

The more revenue these companies generate the more tax SL gov takes. It is not a case of splitting the oil in such and such barrels.

Take for example Saudi Arabia taxes the largest crude producer, it's own state-owned, Aramco, 85%.

That doesn't mean the Gov splits every field between her and Aramco. No. Aramco gets all contracts 100% (except where partners are needed) and KSA gov taxes them 85%.

Now it wants to make Aramco public and offer stalk to foreign investors. In doing so it wants to reduce resources tax from 85% to 50%. It hopes that will attract foreigner investors.

Now what you need to know is the SL resources tax and how it will seek further royalties.

SL issues the licenses and these companies acquire certain percentages of those licenses.

In this case all three feel they will bring different skill sets. For example Petrosoma is owned by a local man so he knows all the tribal trouble makers, he can sign the deals, he can deal with unhappy nomads, and maybe he has other assets. For his effort he gets 16%.

Genel is going to handle all the other issues from transporting, exporting, processing, etc. I believe Sterling Energy does all the seismic tasks which Genel finances.

If Sterling discovers oil, Genel will build all the other assets including export pipeline, etc.

I hope that helps.

SL gov doesn't need to hold a percentage of its own licenses. It issues them to contractors and in return will tax them (resources tax).

It's like you own a store in downtown Hargeisa. Deero comes to you and says I will rent. You issue them the permit/agreement and get your checks. Few months later, Dahabshiil comes and says we want the top floor. That means you have Deero that controls x floors and Dahabshiil y floors. Dahabshiil can then bring Damal hotel if it wants.

Adiga maxa ka galay. Your interest is your premises are occupied and you have inflowing income.

In such we want to know SL's resource tax and the royalty tax/levy.

You don't take shares from blocks you go after the company's revenue and Net Profit.

[Maroodijex]

This document explains clearly how Production sharing agreements work, page 26 - 28

http://pubs.iied.org/pdfs/16031IIED.pdf

[Sharmarke91]

I'm not surprised X-Gaal has no idea how these things work once again but he is quick to spit out his usual clueless calacaal.

These companies all own their respective shares of said blocks. They will invest and cover the cost of exploration based on their agreed shares. Odweyne is divided into three shares; 50%, 34% and 16% = 100%.

That has nothing to do with how SL like all host countries make their money from oil. They can get it by royalty shares and the most important RESOURCES TAX.

The more revenue these companies generate the more tax SL gov takes. It is not a case of splitting the oil in such and such barrels.

Take for example Saudi Arabia taxes the largest crude producer, it's own state-owned, Aramco, 85%.

That doesn't mean the Gov splits every field between her and Aramco. No. Aramco gets all contracts 100% (except where partners are needed) and KSA gov taxes them 85%.

Now it wants to make Aramco public and offer stalk to foreign investors. In doing so it wants to reduce resources tax from 85% to 50%. It hopes that will attract foreigner investors.

Now what you need to know is the SL resources tax and how it will seek further royalties.

SL issues the licenses and these companies acquire certain percentages of those licenses.

In this case all three feel they will bring different skill sets. For example Petrosoma is owned by a local man so he knows all the tribal trouble makers, he can sign the deals, he can deal with unhappy nomads, and maybe he has other assets. For his effort he gets 16%.

Genel is going to handle all the other issues from transporting, exporting, processing, etc. I believe Sterling Energy does all the seismic tasks which Genel finances.

If Sterling discovers oil, Genel will build all the other assets including export pipeline, etc.

I hope that helps.

SL gov doesn't need to hold a percentage of its own licenses. It issues them to contractors and in return will tax them (resources tax).

It's like you own a store in downtown Hargeisa. Deero comes to you and says I will rent. You issue them the permit/agreement and get your checks. Few months later, Dahabshiil comes and says we want the top floor. That means you have Deero that controls x floors and Dahabshiil y floors. Dahabshiil can then bring Damal hotel if it wants.

Adiga maxa ka galay. Your interest is your premises are occupied and you have inflowing income.

In such we want to know SL's resource tax and the royalty tax/levy.

You don't take shares from blocks you go after the company's revenue and Net Profit.

Mumbo jumbo!

Any have decent government would demand to share profits 50/50 before any exploration or extraction.

[AwRastaale]

Qurjile boy,

These things are beyond the comprehension of Buhoodle village boys like you.

The interest stated are right to explore (license) between the three firms.

SL has separate profit sharing and resources tax with the petroleum companies.

Don't expect much from beggars.