Somalia Plans to Start Producing Oil Offshore in Six Years

Somalia plans to begin producing oil and gas offshore for the first time within six years and is in talks with state governments about how revenue will be shared. Drillers are betting the country has geology similar to that of Yemen, which lies across the Gulf of Aden and has 2.7 billion barrels of proven oil reserves. Somalia’s oil deposits may amount to as much as 110 billion barrels, according to studies and will likely require investment well in excess of USD100 million. Saudi Arabia, the world’s biggest oil exporter, has 266 billion barrels of proven reserves, BP data shows.

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