The government of Somalia has said that it is nearing the end of its oil exploration process, which would greatly increase its economic potential.
Somalia has been aggressively exploring its oil reserves for years, and a number of other countries have expressed interest. The government declared that some of the oil resources will be prepared for exploration by the following year.
According to Minister of Petroleum and Minerals Dr. Abdirsanq Omar Mohamed, the action is a result of a strategic agreement between Turkey and Somalia. Turkey had stated that it intended to investigate the oil off the coast of Somalia.
Mohamed disclosed that the official start of oil drilling is planned for early 2025 and that a Turkish vessel is expected to arrive in September to carry out the last survey of possible drilling sites.
He said in the upcoming months. The International Atomic Energy Agency (IAEA) may admit Somalia as a full member, which would be extremely beneficial for the nation. Membership ensures that the nation is granted authorization to export oil to its neighbors.
The nation has been engaged in a struggle to assert control over its oil and other natural resources; the most current conflict is Kenya’s maritime claims. The nation prevailed in the International Court of Justice lawsuit concerning the maritime border of the Indian Ocean.
The minister acknowledged the significant influence that oil may have on the nation’s social-economic transformation and stated that this development shows Somalia’s dedication to developing its energy sector and utilizing international alliances for economic success.
According to President Hassan Sheikh Mohamud, many people’s lives in Somalia would drastically change once the country’s oil potential is completely realized. The nation is considered to be among the world’s poorest.
