Hargeisa January 17, 2023 (SD) -The Genel Energy company, which holds a license to extract oil in Somaliland, has posted some information on its website about oil in Somaliland.

Genel Energy has described Somaliland as an area rich in oil, with planned production of more than two billion barrels. According to the company, it will pay 50% of the costs for the oil extraction from the Oodweyne well.

In addition, the company has signed an agreement with Somaliland for the SL10B13 well, with a Taiwanese company CPC paying 49% of the costs and Genel paying 51% and expecting to extract 200 million barrels from that well.

The company also stated that it has started providing aid and investing in the communities near these locations in Somaliland.

This news comes as the Somali government has said that it will take action to stop the extraction of oil in Somaliland, which angered the government of the outgoing President Muse Bihi Abdi.