oil exploration somaliland-a local view

Extract from a local newspaper

"There is also interest shown by Chinese companies, especially the China National Offshore Oil Corporation (CNOOC), to drill in Somali waters. Chinese companies have been trying for a while now to extend their presence to most African countries with oil potentials, with a view to secure energy resources from the largest possible number of countries, and through its own national companies rather than Western companies alone. Chinese companies, for instance, have played a crucial role in the development of the oil industry in Sudan.

Secondly, there is growing interest in oil exploration in the country. The government of Somaliland signed agreements last November with Ophir Energy, a company registered in London, Asante Oil, and Prime Resources to conduct seismic surveys and exploration within 18 months. Interest by international oil companies in Somaliland is now poised to grow further, especially with the announcement of an oil discovery in Kenya and neighboring countries, despite the lack of estimates so far about the size of oil reserves discovered there.

Thirdly, there has been growing international interest in the development of Somalia, because of the oil prospects there and the opportunities oil may bring to Somalia on the one hand, and to the companies of the countries concerned, on the other. This interest was underscored by the International Conference on Somalia recently held in London, which culminated in pledges for securing financial assistance and providing the necessary means for the development of the county and its efforts to combat terrorism, paving the way for the companies of the concerned countries to invest in Somalia."

Complete article at
http://www.somalilandtimes.net/sl/2012/533/32.shtml