Oil exploration in Puntland, Somalia

[Dr_Osman]

Farole should be very careful how he shares the oil, the somali govt didnt exactly share agriculture wealth with north-eastern regions. Infact it was abadoned other then 1 airport at galkayo, an incomplete port at bosaso, a national highway and also an electricity grid.

 

If anything the tfg doesnt deserve more then a fuel levy of 5%. 55% of it should stay with Puntland in the safe hands of our regional govt who will guarantee that infrastructure and opportunities is created for locals.

[Dr_Osman]

There is 2 wells being dug in Puntland. Low estimates say 300 million barrells in each well. That works out to be 60 billion. 40% of it is gone to the oil companies and Puntland will see $36 billion. The TFG doesnt deserve more then a few billions especially in the early stages because these funds will be used for rapid creation of infrastructure such as a dedicated oil port, roads, airports.

 

Once that is done and vital infrastructure is built the levy can be increased with due time when more wells are drilled and more revenues is coming through and the vital infrastructures are completed. But the first phase of creating those vital infrastructures is mandatory or we won't be able to drill more oil wells. After those infrastructures are completed we can start heavily expanding other sectors of national importance such as education, health, agriculture, fishery, manufacturing, tourism and a service industry.

 

The two main sectors to recieve huge boosts after the infrastructure sector definitely must be education and health. In Puntland the people come first!!! we can then look at the other sectors that provide growth in revenues and job opportunities for locals. Wish us luck guys we have an astitute educated class that will be going back home to assist in the re-development of the state.

 

PS: I am going home once oil is struck

[General Duke]

[OdaySomali]

We are talking an estimated 4bn barrels of oil. :D

 

see: BBC.co.uk/news

[Somalia]

How come no one has the agreement between TFG and PL? :confused:

[Qandalawi]

Wow Mashallah! This is a blessing that will do wonders for many Somalis insha'llah. I pray for peace, prosperity and fear of Allah for all the Somali people insha'allah. Aamin.

[Dr_Osman]

Red Emperor and Range Resources confirm Puntland spudding -Update

17th Jan 2012, 12:51 pm

The Shabeel-1 well is the first of two planned wells in the Dharoor Valley

 

Red Emperor (LON:RMP; ASX:RMP) and Range Resources (LON:RRL; ASX:RRS) today confirmed that the first exploration well to be drilled in Puntland in Somalia for twenty years had been spudded.

 

The Shabeel-1 well is the first of two planned wells in the Dharoor Valley, Puntland. Initial operations have also commenced on the second well Shabeel North-1 ahead of spudding, the companies said.

Shares in both companies have nearly doubled since December as excitement has built ahead of today’s announcement.

 

Red Emperor said today both prospects are very large fault blocks with internal most likely estimates of potential oil volumes of over 300 million barrels of recoverable oil.

 

It has an option over the second well over which a decision will be made over the coming period, it added.

Red Emperor and Range Resources each hold a 20 per cent working interest in the two licences that encompass the Dharoor and Nugaal valleys.

 

Africa Oil owns a 45 per cent working interest through its shareholding in Horn Petroleum, which is also the operator.

 

Red Emperor's Executive Director, Greg Bandy, said: "Red Emperor is delighted to announce to the market such a significant and historic achievement. We wish to firstly acknowledge and pay tribute to our joint venture partners for the years of hard work and toil that has led to this industry defining event.”

 

Range Resources executive director Peter Landau added "We consider the spudding of the historic Shabeel-1 well a monumental achievement.”

 

The Dharoor and Nugaal valleys cover nearly 36,000 square kilometres and have been assessed potentially to contain a combined 19 billion barrels of oil in place.

 

Broker Old Park Capital said the Shabeel-1 well is expected to drill to a target depth of 3,800 metres and take approximately 90 days to complete. Shabeel-1 is targeting a large prospect estimated to contain over 300 mmbbls of oil on a 100% basis.

 

As a pure exploration play, Red Emperor carries a high risk/reward profile compared to its partners, the broker added, but drilling success in Puntland is likely to generate huge upside to the current share price.

 

For Range Resources, broker Panmure Gordon said the longer-term exploration upside of Range’s portfolio is illustrated by the un-risked NAV of 92p/share attributed to its interests in the Herrera Formation in Caribbean and the wider Georgian and Puntland acreage.

[Dr_Osman]

Watch the 12:00 min mark and onwards where farole pulls the lever and starts the drill which is a devastating blow to the enemies of the government

 

[Somalia]

You just ain't letting it go are you?

[Dr_Osman]

Somalia I was about to but I am not repeating the same thing, I am showing farole in the driver seat pulling down the lever and kick-starting the new oil era of puntland

[Dr_Osman]

Somalia we have alot to be proud of. I am look at this a devastating blow to anti government elements

 

[Somalia]

Indeed we do.

[Dr_Osman]

Somalia. I cant help myself

A 1993 study by Petroconsultants of Geneva concluded that Somalia has two of the most potentially interesting hydrocarbon-yielding basins in the entire region -- one in the central Mudugh region, the other in the Gulf of Aden.

an estimated 40% of the world's offshore oil production comes from the Indian Ocean.

The oil in Puntland is not just the bari-nugal-sool..But mudug also. Offshore oil red-sea and indian ocean blocks

[Somalia]

Don't worry about those blocks, they will be secured.

 

 

Salute.

[Dr_Osman]

Some real good shots of the daror-oil site