Good news for Puntland Oil Exploitation: News as well as PICS

[General Duke]

Its progress adeer, we shall drill, and insha Allah make loads of money for the state.

[NGONGE]

Was the title of the thread intended or just a Freudian slip?

[General Duke]

^^^Puntland will expolit its resources adeer.

[General Duke]

New Push for Puntland’s Offshore

 

Range Resources has been seeking for months to win blocks in the offshore of the breakaway province of Puntland. The offshore acreage has remained untouched since 1991. [

source

[NGONGE]

^^ Just thought you were hedging your bets there and using the word exploitation for both its meanings (just in case things backfire).

[General Duke]

The project area encompasses 1,280 acres and was acquired for about $861,000 from Oklahoma-based Crest Resources. Range will fund the drilling of Smith No. 1, which already has commenced drilling and is at 8,000 feet with a target depth of 14,000 feet, according to the Australian Securities Exchange.

 

The mineral rights for the North Chapman Ranch project are owned by a handful of trusts managed by banks and individuals, said John Hearn with the Chapman Ranch Land Owners Association.

 

An estimated 250 billion cubic feet of natural gas and more than 10 million barrels of oil have been produced from North Chapman Ranch since 1965. If Range’s project is successful, it could trigger significant production and drilling, according to documents filed with the exchange.

 

Range expects the first sale within three months of discovery with a payback period of eight to 10 months.

 

Range noted that the favorable operating and regulatory environment in Texas would mitigate the perceived political risk associated with its other international exploration projects. It is currently working on projects in the Puntland region of Somalia and the former Soviet state of Georgia.

[UZTAAD]

I dont think puntland will produce oil in foreseeable future unless somalia get strong and reliable central government.

[General Duke]

^^^It will produce oil soon insha Allah, as the world need for this source is greater than any political consideration.

[UZTAAD]

only time will tell but I am not convenced that I will soon see puntland producing and exporting oil although i would like it. The major compamies think it is too risk to invest in puntland/somalia becuase of situation of somalia.

atleast it will take 10 years if not more than that.

[General Duke]

^^^You are right that the major companies think its risky, much like they did in Yemen. However small firms like Range & Africa Oil[which is backed up by the Lundin group] are making the bet that they can reap great rewards.

 

Also these firms know something the average Joe does not, which is there is Oil in Puntland Somalia.

[UZTAAD]

yes absolutely, there is huge reserve of oil and gas in puntland no doubt about that Hope it will be exploted by its people soon.