Somali Oil & Gas

[baala xoofto]

As the race to export Somali Oil & Gas is on. I thought, making a dedicated page for all the news related to this is a good idea. So here its.  

Ethiopia's Somali region was the first region to drill commercial well. However, it seems this has hit a huge roadblock. The company that was supposed to take the Oil to commercial markets seems to have run into financial problems. They cannot get finances for the Pipe that carries the crude Oil from the well to the Port of Djibouti. Eventhough Berbera Port is about 50% closer to the Oil field, for political reasons the Chinese want to send it through Djibouti. This means going through mountainous regions around Jigjiga area and into Siti district. If they went the Berbera route, it is all flat land all the way to Berbera with just small hills in between.  

 

[baala xoofto]

Ethiopia cancelled contract to the Chinese Company after 5 years of no action. 

 

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https://www.upstreamonline.com/field-development/ethiopia-loses-patience-with-china-s-poly-gcl-and-cancels-gas-fields-contract/2-1-1305118

[baala xoofto]

Next up, Puntland had high hopes of striking oil, but it seems their chances was a stab in the dark. With no much of seismic data to go by and guide, two oil wells that were drilled in Puntland turned out to only contain H2O rather than Oil. 

There is only so much financial lost that a small Oil outfit could bare. Africa Oil pulled out of Puntland in 2015. 

 

 

[Che -Guevara]

 

[Che -Guevara]

LOL 

Puntland oo xubin cusub loogu daray hay'adda Batroolka Soomaaliya – Puntland Post

PUNTLANDPOST.NET

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Madaxweynaha Puntland, Siciid Deni ayaa xubin cusub loogu daray hay’adda Batroolka Soomaaliya SPA, sida ay caddaynayaan warar...

 

[Miskiin-Macruuf-Aqiyaar]

Nepotism wey dhaaftay tan ee maxaa loogu magacdari doonaa? Masuqmaasuq aanan kala gambasho lahayn. Muxuu tuug jeebkiisa buuxsado rabo kheyraadkii dalka shilimaana ku gato tabaan. 

[galbeedi]

Actually, I might take some of my earlier statements according to a member of Somali parliament who seems to know few things about the oil and gas issue.

He said these agents like coastal explorations and others are front companies rapresenting big companies like Shell and Chevron. He siad because of the political situation in Somalia including Al-dhbaab war, the big companies with hundreds of billions of assets do not want to expose themselves to bad publicity and regfional conflicts and through this minor players they want to have access for the future.

[baala xoofto]

Toosan-1 oil well which is planned to be drilled in 2023 contains around 100 to 200 MMbbls of Oil. 

This Well alone could produce 50 thousand barrels of oil per day for 10 years, or over $100 million dollars per month at current prices.

About 500 Oil-tanker Trucks will be shuttling oil between Toosan-1 and the Oil Depot at Port of Berbera. CPC Taiwan is building the Oil Depot in Berbera where they are the sole buyer of all the oil produced by Somaliland. 

[AhmedGuled]

On 11/21/2022 at 8:44 PM, baala xoofto said:

Toosan-1 oil well which is planned to be drilled in 2023 contains around 100 to 200 MMbbls of Oil. 

This Well alone could produce 50 thousand barrels of oil per day for 10 years, or over $100 million dollars per month at current prices.

About 500 Oil-tanker Trucks will be shuttling oil between Toosan-1 and the Oil Depot at Port of Berbera. CPC Taiwan is building the Oil Depot in Berbera where they are the sole buyer of all the oil produced by Somaliland. 

That's close to 20 to 30 billion U.S dollars. I hope this investment does into infrastructure and turns Somaliland into a modern country. 

[baala xoofto]

Somalia's Ministry of Petroleum makes a total fool of itself. They are threatening Somaliland with "All Legal Means".  Give me a break.

Somaliland, of course, Genel and CPC Taiwan, will not bother with this Donkey speak. The answers will come in 12 months when the first Oil Well comes online and soon after Somaliland earns its first income from its Oil. 

 

[AhmedGuled]

Nothing can stop Somaliland advancing into a first world country. How can a people protected by Amisom theatern Somaliland? 

[Tallaabo]

On 12/28/2022 at 9:47 AM, baala xoofto said:

Somalia's Ministry of Petroleum makes a total fool of itself. They are threatening Somaliland with "All Legal Means".  Give me a break.

Somaliland, of course, Genel and CPC Taiwan, will not bother with this Donkey speak. The answers will come in 12 months when the first Oil Well comes online and soon after Somaliland earns its first income from its Oil. 

 

If they ever take a legal action against any investor in the Western courts, Somaliland will have a huge opportunity to challenge Mogadishu's claims to sovereignty and expose the whole fraud the illegal "union" was built on. 

[baala xoofto]

Another crude oil seep comes to surface near Berbera.

 

 

[baala xoofto]

Taiwanese Oil imports reached close to 300 million barrels in 2022. 75% of the imports come from Middle East (i.e. Saudi Arabia).

Taiwanese National Oil Company (CPC) recently purchased 49% of Genel Energy's Somaliland Oil holdings. It is expected that Somaliland will be in a position to export its first Oil to Taiwan by the end of 2024. Currently CPC is building a huge Oil Depot in Berbera Port. 

 

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Taiwan: Oil imports surge in first five months

in Freight News 28/06/2022

As crude oil prices rise sharply this year due to the war in Ukraine, the value of Taiwan’s oil imports surged by 75.6 percent to US$11.9 billion in the first five months of this year compared with the same period last year, the Ministry of Finance said in a report on Thursday.

The import value is expected to reach from US$28 billion to NT$31 billion by the end of the year, the highest in eight years, the ministry said.

Taiwan is almost entirely dependent on imports for its oil supply, the ministry said, adding that the import volume was stable from 2012 to 2019, at above 300 million barrels a year, while the import value fluctuated with changes in international oil prices.

Taiwan last year imported 282.88 million barrels of oil, up 6.6 percent from a year earlier, while the import value rose 59 percent to US$19.9 billion, as the reopening of major economies boosted crude oil prices, the ministry said.

That was in contrast to 2020, when the nation imported 265.26 million barrels of oil, down 18 percent from a year earlier, while the import value plunged 41.5 percent to US$12.5 billion, the lowest in 18 years, after responses to the spread of COVID-19 wreaked havoc on the global economy and severely dented oil demand and prices, the ministry said.

Oil imports this year have extended momentum from last year, as the war in Ukraine drove oil prices to more than US$100 per barrel, it said.

The nation imported 121.86 million barrels of oil in the first five months, up 10.9 percent from a year earlier, at average prices of US$97.80 per barrel, the ministry said.

Most of the nation’s oil imports came from the Middle East, with Saudi Arabia accounting for 34.5 percent and Kuwait contributing 20.1 percent in the first five months, while those from the US comprised 21.1 percent of the total during the first five months thanks to an increase in shale oil imports, it said.

Taiwan’s exports of refined petroleum products also have a high correlation with oil prices, the ministry said. In 2013, exports of such products reached US$22.9 billion, but dropped in subsequent years, with the value falling to US$5.7 billion in 2020, the lowest in 17 years, it said.

Exports of refined products last year increased 68.8 percent from a year earlier to US$9.7 billion, and increased 100.5 percent to US$6.5 billion in the first five months of this year, of which diesel exports accounted for 55 percent of the total and gasoline products comprised 20 percent, the ministry said.
Source: Taipei Times

[baala xoofto]

Tests done to the recently discovered Crude Oil in South Hargeisa have confirmed as such. In fact, the tests came back with very good numbers, saying the crude oil deposits are some of the highest quality which fetch top dollar in the market.