Puntland: First oil well to start pumping shortly.

[N.O.R.F]

Where is the data?

 

I remember a bunch of equipment landing in PL last year. This was supposed to start the drilling. What happened.

 

I shall remain skeptical about this.

[Pilgrim]

Not correct - that was seismic equipment!

 

Seismic data was successfully collected and interpreted. A new farm in partner is being negotiated prior to commencing the drill program.

[Shabelle]

Originally posted by Pilgrim:

 

• Profit oil: after deduction of royalty and cost oil, profit is split 50% to the Puntland

government and 50% to other parties

50%?

 

Unacceptable.

 

They should not have accepted anything less than 80%, at the very least 75% of all profits should be asssigned to the local government. I see the authorities in Puntland have not negotiated adequately.

[Shabelle]

I am very concerned about the fate of the natural resources of our country. We don't want to end up like Nigeria who is blessed with huge reserves of oil but suffers from a stagnating economy, high unemployment rates and soaring crime.

 

The authorities in Puntland and Mogadishu must ensure that they do not surrender the natural resources of our people for a quick buck. I very much doubt they possess the necessary knowledge to measure the market value of commodities both in the short and long-term financial climate.

 

Personally, I would deal with the Chinese. No doubt. I'd give them all the big contracts, because ethically and morally they're more upright than the white man (with all due respect). Their also technically more advanced and proficient. It's a win-win situation.

[Pilgrim]

No offence meant, but you're very ill informed.

[Heliostropolis]

^^^Pilgrim, I'd like to apologize on behalf of Shabelle. The chinese are not ALL more morally upright than ALL white men--only a few of 'em are.

 

For starters, I don't think any KUNGPOW eating Chinaman is better than you, Mr Pilgrim, so take a chill pill. Shabelle, is an ungrateful somegro, who does not realise it was the NOT SO upright White man that gave him asylum in London, instead of dem communist freaks from China.

[General Duke]

Puntland and its people must not waste and allow anyone within or on the outside to derial their chances for progress.

 

All Puntland needs is cash injection. And this oil deal insha Allah will be the cash injection.

 

In the meantime, security, security, security is the paramount issue.

[General Duke]

Not correct - that was seismic equipment!

 

Seismic data was successfully collected and interpreted. A new farm in partner is being negotiated prior to commencing the drill program.

100% correct.

 

Mr Norf, the same company in Puntland Somalia is also exploring Kenya & Ethiopia though its search is much more advanced in Puntland.

 

Mr Shabbele what is the deal the Arabs enjoy with the west? Ever heard of Aramco and who owns it?

[General Duke]

source

[Cara.]

Natural resource curse.

 

In addition, oil money tends to corrupt politicians. They end up vying to pocket a share of the finite petroleum riches, rather than looking for ways to invest in their country's long-term prosperity. "The governments aren't dependent on income taxes and therefore don't have to do what the citizens want," he says. "The state isn't an engineer of economic growth, but a gravy train. None of the money gets down to the people."

If you thought Somalia's politicians were lousy and corrupt, wait until they are even less answerable to the people.

[General Duke]

^^^You have a great point. But we already have corrupt, horrible politicians and the people are starving. Lets have corrupt, horrible politicians and the people eat.

 

Like in Dubai, Saudi Arabia and others.

 

I rather fail trying then be afraid of failure.

[Emperor]

[Heliostropolis]

^^^ I highly doubt a Somali will hold an umbrella for gaal indha yar. But money is money, and if the chinese will develop the sector, they should be welcomed. Lord knows, we need job creating projects to alleviate the poverty of the common Somali. I remember, Biggie once said, "Mo money, mo problems"; but in the case of Somalia, I believe it is the opposite--"more money, more peace!"

 

So let's go get dat paper, folks!

[rudy-Diiriye]

emperor...classic pic!! lool.

 

Yup...u will always hear the pie in the sky messages. such as ...yeeeh we got oil!! however, u will never see a drop of it.. why, well.. how long u been hearing this lie!!

[N.O.R.F]

Originally posted by Cara:

Natural resource curse.

 

quote:

---

In addition, oil money tends to corrupt politicians. They end up vying to pocket a share of the finite petroleum riches, rather than looking for ways to invest in their country's long-term prosperity. "The governments aren't dependent on income taxes and therefore don't have to do what the citizens want," he says. "The state isn't an engineer of economic growth, but a gravy train. None of the money gets down to the people."

If you thought Somalia's politicians were lousy and corrupt, wait until they are even less answerable to the people.

Africa will always be Africa Cara. Corruption will never be completely eradicated. The question is how can we minimise it before the black gold spurts out?

 

I'm still not convinced oil has been found. Drilling wells is a complicated procedure. A small mistake and you could potentially lose many barrels worth of Nugaal Crude.