Odweyne (SD)-Genel Energy has confirmed that a Seismic survey of oil wells in the last five years has found 200 billion barrels of oil in Somaliland.
A London based oil and gas geophysicist expert’s data estimates that each of the two wells SL10-B and SL13 has about at least 200 billion barrels of oil.
Genel said it was 100% confident of the data, and said it was now beginning to place oil rigs on the two wells.
The Seismic surveys are conducted in the eastern region of Odweyne in Somaliland, an independent enclave of former republic of Somalia.
Somaliland is currently in a political raw with Somalia, and is also experiencing an economic blockade in an effort to forced them back to unity with Somalia.
It’s not clear if the current Somaliland government led by former Colonel Bihi has the political chops to bring the Genel opportunity to fruition.
The two, joined and formed the ill-fated Republic of Somalia in 1960 after gaining independence from Britain and Italy, but separated in 1991 after a long and deadly civil war.
Somaliland though fully autonomous, is not recognized by the international community.