Reuters - Red Emperor to drill 300 million barrels in PL in Quarter 3, 2011

[Timur]

http://www.oilandgaspress.com/wp/?p=5075

 

The first drilling will begin in July 27.

[Timur]

Oodweyn, for a guy who wants his own country you spend a lot of time worrying about the affairs of Somalia. Mind your own business, you don't see me asking about Eritrea or Uzbekistan or some other foreign country and their local affairs.

[Burn Notice]

xiinfaniin;734661 wrote:

This, if it ever materializes, will be a game changer indeed. Question is: will it ever come to fruition?

 

Game changer in terms of resetting current geopolitical equation to our advantage, hence making the settlement of Somali conflict that much closer.

 

With an income of 15 billion usd, a year, I am not worried a bit about the alleged corruptions (corruption is inherently human, and exists everywhere), drill this thing out where ever it is found Puntland, Somaliland, Benaadir and other places and you would find me rejoicing for the sheer fact Somalis would at last have something to defend and guard. Something that is practically precious. Something that the world can not do without.

and that is THE most intelligent post I have seen of yours...good work

[Burn Notice]

Timur;734730 wrote:

Oodweyn, for a guy who wants his own country you spend a lot of time worrying about the affairs of Somalia. Mind your own business, you don't see me asking about Eritrea or Uzbekistan or some other foreign country and their local affairs.

 

LMAO...so true

[Burn Notice]

Xaaji Xunjuf;734675 wrote:

There is lots of oil indications in Somaliland aswell thats nice

 

Somaliland need to get the ball rolling on siesmics which take a considerable time to complete ...puntland are at advanced stages of the process

[Timur]

Burn Notice;734960 wrote:

...puntland are at advanced stages of the process

Conoco-Phillips spent $150 million exploring the Dharoor and Nugaal basins in 1983, it wasn't cheap. The only reason these regions are being explored is because someone else already spent money to do the research and its cheap/easy to buy or acquire this information as has been done by exploration companies. The only way to get to Puntland's stage would be to spend an equal amount of money to study the landscape enough to send information about the resources to the outside world.

[Burn Notice]

Timur;735020 wrote:

Conoco-Phillips spent $150 million exploring the Dharoor and Nugaal basins in 1983, it wasn't cheap. The only reason these regions are being explored is because someone else already spent money to do the research and its cheap/easy to buy or acquire this information as has been done by exploration companies. The only way to get to Puntland's stage would be to spend an equal amount of money to study the landscape enough to send information about the resources to the outside world.

Good point Timur

 

in addition Africa Oil and Range have spent another $30-35 million to date

[Sensei]

Why are folks nervous about Somalia drilling oil ? I thought they wanted to leave and be all oil-less.

[Timur]

Sensei;735034 wrote:

Why are folks nervous about Somalia drilling oil ?

No one knows. The demand for oil today is so great that it must happen. Kurdistan has been drilling its own oil for years, plenty of autonomous frontier states have been doing in-home exploration for years and selling to those willing to pay the top dollar. I have total confidence that Somalia will have buyers lined up not long from today.

[kajdes]

The countdown has began. 90% of preparations have been completed.

 

http://www.thepressreleasewire.com/client/africa_oil/release.jsp?year=2011&actionFor=1533644&releaseSeq=1

 

 

"◦In Puntland, Horn Petroleum Corp. ("Horn") is currently in final preparations to commence a two well drilling campaign in the Dharoor Valley Block, with the first well (Shabeel-1) planned to spud in December of 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal estimates. A contract has been awarded to Sakson Drilling and Oil Services who will provide a 1500 horse-power, top drive equipped rig. All drilling related third party service contracts have been executed. The Company has completed sourcing drilling related materials and the majority of materials are on site or on route to the drilling site. Site preparation including the drill site, air strip and ingress route construction have been completed. Water wells are currently being drilled to provide source water for drilling operations."

[Somalia]

Have the drilling rigs arrived?

 

I've been on some financial websites they were discussing the fact that you can't track ships in Somalia due to piracy so we do not know if they arrived.

 

Thanks.

[Burn Notice]

the rig has arrived...not long now

[Somalia]

Excellent news if they arrived.

 

@Timur, great point on the funding of exploration back in the 1980s.

[uchi]

Alot of negotiations will be happening very soon(Stage 2), in term of percentages, what will the government take and extraction firms and so on, should be very interesting. Let's hope 80-20 in our favor and then we can eventually join OPEC and self manage (state owned etc).

[Somalia]

At least 70% should be Puntland.

 

Every agreement should be disclosed to the Parliament and be shared with the public. Secrecy, nepotism etc, it is not looking good and is totally indefensible. :mad:

 

I swear this oil might cause more trouble if we are not united.