Somalia invites investments from Turkish energy sector

Somalia calls for Turkish private sector and public enterprises to invest in the country’s upcoming oil field tenders.

Somalia calls for Turkish private sector and public enterprises to invest in the country’s upcoming oil field tenders, according to the managing director of state-owned Somalia Petroleum Corporation, on Friday.

“Tenders for oil fields will be a win-win situation for Turkish companies and Somalia will benefit as well,” said Managing Director Hussein Ali Ahmed.

Speaking to The Anadolu Agency, Ahmed declared that Somalia’s enormous oil and gas potential should be encouraging for investments from Turkey’s private and state-owned energy companies.

He explained that the country has eight sedimentary basins with 63 explored oil wells so far which have mostly shown significant reserves, but have not yet started production.

Somalia has an agreement with U.K.-based Somo Oil Company to carry out new oil discovery and exploration operations, according to Ahmed.

Somo also has carried out seismic surveys of 20 thousand square kilometers in the country, said Ahmed, adding that the government will open tenders for discovered oil blocks when the final seismic data is delivered by the U.K. Company.

Somalia has 308 oil blocks both offshore and onshore awaiting international energy companies’ investments.

Relations with Turkey

Somalia and Turkey have enhanced their relationship with the efforts of Turkey’s President Recep Tayyip Erdogan. Ahmed highlighted the “brotherhood” between the two countries, particularly in medical and infrastructure aid given by Turkey to Somalia.

He also said that Turkey was the first country to come to Somalia’s aid. He thanked both the Turkish people and the government for the provision of food and medicine when the country was devastated by drought, hunger and malnutrition.

Source: Anadolu Agency