News / National
Somaliland Strikes Gold: Unleashing energy and mineral riches for economic boom
24 Dec 2023 at 10:05hrs | Views
In a groundbreaking press statement released by the Ministry of Energy and Minerals of the Republic of Somaliland, H.E Abdillahi Farah Abdi unveiled ambitious plans for the nation's economic transformation through the exploration and exploitation of its rich energy and mineral resources.
Highlighting Somaliland's potential as an emerging player in the East African oil and gas industry, the Ministry emphasized its efforts to position the country as an oil producer. Notably, a major multi-client seismic project, managed by the ministry and conducted by the Chinese national company BGP Inc, has seen international oil companies investing in Somaliland. These companies have acquired a substantial 4,300km of 2D seismic, signaling significant interest in the region.
The recent purchase of a 49% stake in Genel Energy's interest in block SL10 B13 by CPC of Taiwan further underscores the growing international partnerships in the sector. The joint venture formed by this acquisition is gearing up to drill its first well in 2023, marking a crucial milestone in Somaliland's journey toward oil production.
Moreover, Somaliland boasts considerable mineral wealth, including precious metals, base metals, coal, rare earth elements, gemstones, and industrial minerals. The discovery of gold in the Sanaag region and the ongoing extraction of gemstones by local artisanal miners showcase the economic significance of these resources. With licenses and operations by international investors in progress, the government is poised to leverage the mineral-rich Mozambique belt for economic growth.
Minister Abdillahi Farah Abdi emphasized that the government's top priority is to enhance the nation's economy and increase production by exploiting its natural resources. The transparent and conducive arrangements established by Somaliland aim to attract foreign companies and international development partners, essential for realizing the full potential of the country's resources.
The Minister urged both domestic and international stakeholders to recognize the transformative impact of these ventures on Somaliland's economy. He stressed the importance of foreign investment and support from development partners to propel the nation towards economic prosperity.
As Somaliland embarks on this journey, the eyes of the international community are keenly watching, recognizing the strategic importance of the region in the ever-evolving landscape of East African energy and mineral exploration.
Highlighting Somaliland's potential as an emerging player in the East African oil and gas industry, the Ministry emphasized its efforts to position the country as an oil producer. Notably, a major multi-client seismic project, managed by the ministry and conducted by the Chinese national company BGP Inc, has seen international oil companies investing in Somaliland. These companies have acquired a substantial 4,300km of 2D seismic, signaling significant interest in the region.
The recent purchase of a 49% stake in Genel Energy's interest in block SL10 B13 by CPC of Taiwan further underscores the growing international partnerships in the sector. The joint venture formed by this acquisition is gearing up to drill its first well in 2023, marking a crucial milestone in Somaliland's journey toward oil production.
Moreover, Somaliland boasts considerable mineral wealth, including precious metals, base metals, coal, rare earth elements, gemstones, and industrial minerals. The discovery of gold in the Sanaag region and the ongoing extraction of gemstones by local artisanal miners showcase the economic significance of these resources. With licenses and operations by international investors in progress, the government is poised to leverage the mineral-rich Mozambique belt for economic growth.
Minister Abdillahi Farah Abdi emphasized that the government's top priority is to enhance the nation's economy and increase production by exploiting its natural resources. The transparent and conducive arrangements established by Somaliland aim to attract foreign companies and international development partners, essential for realizing the full potential of the country's resources.
The Minister urged both domestic and international stakeholders to recognize the transformative impact of these ventures on Somaliland's economy. He stressed the importance of foreign investment and support from development partners to propel the nation towards economic prosperity.
As Somaliland embarks on this journey, the eyes of the international community are keenly watching, recognizing the strategic importance of the region in the ever-evolving landscape of East African energy and mineral exploration.
Source - Byo24News
