Bosaso(HR Media):-On Sunday 1st of June, the President of Puntland State of Somalia H.E.Mohamud Muse Hersi (Adde Muse) visited the Dharor Valley where Oil company IMC (African Oil Corp) is conducting an exploration for Oil, the first of its kind in Somalia in decades.The oil and mineral exploration in Puntland is part of major activities by the regional government to create new sources of income, Puntland is one of the stable regions in Somalia. The regional government has recently signed oil and mineral exploration agreement with Canadian based Company African Oil Corp.
For the last weeks there have been a flow of exploration equipments arriving at the port town of Bosaso, and the company workers have already set up a massive exploration camp in Dharor Valley. This oil exploration is now called the biggest investment by a foreign company in whole of Somalia.
President Adde’s visit to the Dharor Valley comes days after the new operation camp was set up, on arrival the Puntland leader received a warm welcome from the local community who are strongly supporting the development activities in their region.
In a meeting at Ufeyn town near Dharor valley the Puntland President discussed the oil exploration with local leaders and elders. The President called for the local community to work with the company and also to protect the peace and stability of the region. Mr.Adde emphasised that without peace it will be impossible to conduct such huge development projects in the region.
The current government of Puntland is focusing on encouraging foreign investors to explore and exploit the vast untapped natural resources of Puntland, and security is first priority.
During that meeting the representatives of the oil company gave their plans for the future investments not only in the Oil exploration and job creation but also their plans to support the social development projects such as education and health care.
In 1991 the World Bank coordinated a study intended to encourage private investment in the petroleum potential of eight (8) African nations. Somalia and The Sudan topped the list of potential new commercial oil producers.
Puntland State of Somalia remains one of the very few areas in the world that has vast untapped potential for the discovery of significant reserves of hydrocarbons and world class mineral deposits.
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