A critical study of geological surveys on rock formations, oil sips, and tests on wells drilled by explorers by Strategic Intelligence Energy analysts shows a possibility of Somalia becoming one of the worlds biggest petroleum source.
The oil and gas potential in Somalia is significantly high and the problem lies in the insecurity sponsored by terrorists based in the country.
Exploration of oil and gas in Somalia started 60 years ago.
Our Energy Intelligence study team traces the exploration dates to early 1950′s.
The first oil and gas explorers in Somalia being Agip, an Italian explorer and Sinclair Oil Corporation, an American company.
The two firms studied the petroleum geology of Somalia. Their findings have set the pace for stiff competition for lucrative oil blocks bids by foreign multinationals.
Fewer firms have been lucky to acquire rights to specific oil blocks which the geologists and industry experts regard as the gold mine.
These blocks have been sought after by firms like BP Shell and Eni among other oil and gas explorers.
With the chances of a stable Somalia increasing, it will be interesting to see which company will succeed in drilling or acquiring these specific oil blocks.