Puntland province alone has the potential to yield 10bn barrels, placing it among the top 20 countries holding oil. This is nothing in comparison to Somalia's offshore, as its estimated to holds more than 110bn barrels of oil which accordingly makes Somalia the 7th largest oil rich nation in the world.

In dollars that is $12 Trillion’s worth placing Somalia higher than the UAE in the list of wealthiest oil nations.

The Observer reports:

"Last month oil exploration began in Puntland by the Canadian company Africa Oil, the first drilling in Somalia for 21 years. Hashi, who sealed the Africa Oil deal, said the first oil was expected to be extracted within the next "20 to 30 days".

"The company estimates there could be up to 4bn barrels (about $500bn worth at today's prices) in its two drilling plots. Other surveys indicate that Puntland province alone has the potential to yield 10bn barrels, placing it among the top 20 countries holding oil. Chinese and US firms are among those understood to have also voiced interest about the potential for oil now that, for the first time in 20 years, the country is safe enough to drill.

"Yet it is the extent of oil deposits beneath the Indian Ocean that is most exciting Somali officials. One said the potential was comparable to that of Kuwait, which has more than 100bn barrels of proven oil reserves. If true, the deposits would eclipse Nigeria's reserves – 37.2bn barrels – and make Somalia the seventh largest oil-rich nation.





Somalia has to much potential to become successful but there will always be something peculiar going on within the government that we can't pin point exactly what it might be!.



However Somalia could be the next UAE or even better but with the right leadership. We have more oil than UAE – but sadly we don’t have charismatic leader who cares about people and development of the country.



It seem that Somali government has no principal and has lost focus and is struggling to establish its regulations and has completely failed in resources management. It’s true in terms of how Hassan Sheikh is still begging the EU for development and not asking for financial loans which will be paid back with the oil money, he is still saying stupid things such as “we need more international support to lift our country from the ground” What an embarrassment, he is giving foreign countries the perfect excuse to come and ‘help us’ expecting some return in oil.

http://www.stopwar.org.uk/index.php/news/34-most-popular-in-2014/1797-10-things-to-remember-about-the-crisis-in-ukraine-and-crimea-2



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