Turkey’s National Oil Company and Somalia’s Petroleum Authority Join Forces for Hydrocarbon Exploration and Production
In a significant move towards strengthening bilateral relations and promoting economic growth, Turkey’s national oil company, Türkiye Petrolleri Anonim Ortaklığı (TPAO), and Somalia’s petroleum authority, the Ministry of Petroleum and Mineral Resources, have signed an agreement for hydrocarbon exploration and production in Somalia’s onshore territory.
The agreement was signed on Thursday, 10th June 2021, in the capital city of Mogadishu, in the presence of high-ranking officials from both countries. This marks a historic moment for Somalia, as it opens up new opportunities for the country’s oil and gas sector, which has remained largely untapped due to years of conflict and instability.
Under the agreement, TPAO will provide technical expertise and investment for the exploration and production of hydrocarbons in Somalia’s onshore blocks. This partnership will not only bring in much-needed foreign investment but also transfer knowledge and technology to Somalia, which will be crucial for the development of its oil and gas industry.
Speaking at the signing ceremony, Somalia’s Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed, expressed his gratitude towards Turkey for their support and commitment to the development of Somalia’s natural resources. He stated, “This agreement is a testament to the strong and brotherly relationship between our two countries. We are confident that with TPAO’s expertise and investment, we will be able to unlock the full potential of our onshore blocks and contribute to the economic growth of our nation.”
The Minister also highlighted the importance of this agreement in creating job opportunities for the people of Somalia and boosting the country’s revenue through the export of hydrocarbons. He added, “This partnership will not only benefit our economy but also provide employment opportunities for our people, especially the youth. We look forward to working closely with TPAO to ensure the sustainable and responsible development of our natural resources.”
On the other hand, TPAO’s General Manager and CEO, Melih Han Bilgin, expressed his enthusiasm for this new venture and emphasized TPAO’s commitment to supporting Somalia’s oil and gas sector. He stated, “We are honored to be a part of this historic moment for Somalia. TPAO has a long-standing experience in the oil and gas industry, and we are committed to sharing our expertise and knowledge with our Somali partners. We believe that this partnership will not only benefit both our countries but also contribute to the stability and development of the region.”
The signing of this agreement is a significant step towards achieving Somalia’s goal of becoming a major player in the global oil and gas market. With an estimated 30 billion barrels of oil and 100 trillion cubic feet of natural gas reserves, Somalia has the potential to become a major energy producer in the region. This partnership with TPAO will play a crucial role in realizing this potential and driving the country’s economic growth.
Moreover, this agreement is a testament to Turkey’s commitment to supporting the development of African nations. Over the years, Turkey has been actively involved in various development projects in Somalia, including infrastructure, education, and healthcare. This partnership in the oil and gas sector further strengthens the bond between the two countries and paves the way for future collaborations.
In conclusion, the agreement between TPAO and Somalia’s Ministry of Petroleum and Mineral Resources is a significant milestone for both countries. It not only opens up new opportunities for Somalia’s oil and gas sector but also strengthens the bilateral relations between Turkey and Somalia. With TPAO’s expertise and investment, Somalia is poised to become a major energy producer in the region, contributing to the country’s economic growth and stability. This partnership is a win-win situation for both countries and sets a positive example for future collaborations between Turkey and other African nations.