Hargeisa (SD) – Opic Somaliland Corporation and Genel Energy reached a co-operation agreement to extract oil from Somaliland.
Genel Energy, which has been in Somaliland for many years, has conducted multiple extensive oil exploration over the years.
An agreement has been signed between the two companies, in which Somaliland’s Ministry of Energy and Minerals had a ratification role.
Under the agreement, Genel Energy will own 51% of the shares, after selling 49% to Opic Somaliland Corporation (OSC).
“Somaliland is a highly-prospective and largely unexplored region, with a compelling technical case for the drilling of a well,” said Genel technical director Mike Adams.
“Oil seeps confirm a working petroleum system, and one prospect alone could target over half a billion barrels across multiple stacked reservoirs. Being able to drill this at a low-cost to Genel, with a clear route to market in a success case, fits with our strategy, and we look forward to working with OSC.
Opic Somaliland Corporation, a subsidiary of CPC, is very pleased with Somaliland’s oil deposits, especially the positive results from surveys conducted by Genel Energy and RAK Gas, and has expressed interest in being part of the project.
The CPC, Taiwan’s largest oil company, aims to expand its oil imports from Taiwan and currently operates in several countries around the world, including the United States, Ecuador, and Niger. , Chad, Malaysia, Australia and is now operating in Somaliland.
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