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Somalia and Turkey Sign Oil and Gas Cooperation Agreement
Somalia and Turkey Sign Oil and Gas Cooperation Agreement
Sputnik Africa
Geological and seismic studies have indicated that Somalia potentially has at least 30 billion barrels of oil and gas reserves. However, it will take a long... 07.03.2024, Sputnik Africa
2024-03-07T17:43+0100
2024-03-07T17:43+0100
2024-03-07T17:54+0100
somalia
turkey (turkiye)
sub-saharan africa
horn of africa
east africa
gas
oil
agreement
economy
international
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Turkey and Somalia signed an offshore oil and natural gas cooperation deal, expanding bilateral ties after a defense deal last month, Abdirizak Mohamed, Somalia's Minister of Petroleum & Mineral Resources said Thursday.The agreement covers the exploration, evaluation, development and production of oil in Somalia's land and sea blocks, according to the Turkish Ministry of Energy.Turkey is reportedly planning to commence offshore oil and natural gas exploration in Somalia. However, initially, the focus will be on oil exploration. The country also intends to deploy a seismic exploration vessel to the designated sites in the first phase, the Western media reported.In February, the two nations signed another agreement, this time on security. Somalia's cabinet backed a 10-year defense pact between the African country and Turkey to safeguard the former's sovereignty, and the Somali Federal Parliament ratified the agreement.Ankara was granted authority to protect and uphold the territorial waters of Somalia. According to the deal, Turkey will be entitled to 30% of the revenues generated by activities within Somalia's exclusive economic zone, which is known for its abundant biological resources.
https://en.sputniknews.africa/20240222/turkey-to-protect-somalias-territorial-waters-for-ten-years-somali-officials-say-1065198477.html
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somalia, turkey (turkiye), horn of africa, east africa, gas, oil, agreement, economy, international
somalia, turkey (turkiye), horn of africa, east africa, gas, oil, agreement, economy, international
Somalia and Turkey Sign Oil and Gas Cooperation Agreement
17:43 07.03.2024 (Updated: 17:54 07.03.2024) Geological and seismic studies have indicated that Somalia potentially has at least 30 billion barrels of oil and gas reserves. However, it will take a long time to develop and exploit these resources, as extensive exploration typically takes three to five years before production can begin.
Turkey and Somalia signed an offshore
oil and natural gas cooperation deal, expanding bilateral ties after a defense deal last month, Abdirizak Mohamed, Somalia's Minister of Petroleum & Mineral Resources
said Thursday.
"Today, [Somalia and Turkey] signed an intergovernmental agreement on hydrocarbons. This is an exciting moment for both countries, we appreciate [Turkey’s] support in accelerating the development of hydrocarbons in [Somalia]," the post on X read.
The agreement covers the exploration, evaluation, development and production of oil in
Somalia's land and sea blocks, according to the Turkish Ministry of Energy.
"With this agreement, we will carry out joint activities to bring the resources of Somalia to the Somali people. We aim to strengthen Turkey's presence in the Horn of Africa with new collaborations in the field of energy," Turkey's Energy Minister Alparslan Bayraktar said on X.
Turkey is reportedly planning to commence offshore oil and natural gas exploration in Somalia. However, initially, the focus will be on
oil exploration. The country also intends to deploy a seismic exploration vessel to the designated sites in the first phase, the Western media reported.
In February, the two nations signed another agreement, this time on security. Somalia's cabinet backed a 10-year defense pact between the African country and Turkey to safeguard the former's sovereignty, and the Somali Federal Parliament ratified the agreement.
Ankara was granted authority to protect and uphold the territorial waters of Somalia. According to the deal, Turkey will be entitled to 30% of the revenues generated by activities within Somalia's exclusive economic zone, which is known for its abundant biological resources.
