Subscribe
Latest news about Africa
  • Login
No Result
View All Result
  • Home
  • Crypto News
  • Finance
  • Security News
  • Artificial Intelligence
  • Diaspora Voice
  • About us
  • Home
  • Crypto News
  • Finance
  • Security News
  • Artificial Intelligence
  • Diaspora Voice
  • About us
No Result
View All Result
Latest news about Africa
No Result
View All Result
Home Economy

Turkey Set To Drill Oil Off Somali Coast By 2025

Turkey has announced plans for a deep-sea oil drilling venture off Somalia’s coast, set to begin in 2025.

Adeluola Abiola by Adeluola Abiola
April 24, 2024
in News, Economy
7 2
0
Turkey Set To Drill Oil Off Somali Coast By 2025
12
SHARES
726
VIEWS
Share on FacebookShare on Twitter

Somalia has announced that Turkey is set to commence oil drilling along the country’s extensive coastline in the upcoming year, as confirmed by Mohamed Hashi Abdi ‘Arabey’, the Director General of the Somali Ministry of Petroleum and Mineral Resources.

According to the East African, Abdi confirmed the recent assertion by a Turkish official on a plan for a deep-sea oil operation by 2025.

“It is correct, and it is part of the agreement we reached (with Turkey). They will begin seismic works and drilling at the coasts facing Barawe and Hobbio districts,” Abdi said agreeing with the information made public by Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar last week.

At the beginning of March, Somalia entered into a fresh agreement with Turkey regarding oil and gas. This deal, according to officials from both nations, is expected to enhance collaboration in the exploration and utilization of petroleum resources.

The signing ceremony took place in Istanbul, where Somalia’s Petroleum and Mineral Resources representative, Abdirisaaq Omar Mohamed, and Turkish Energy Minister, Alparslan Bayraktar, put pen to paper.

Somalia’s Minister Omar Mohamed, who endorsed the exploration and exploitation agreement, elaborated on the bilateral understanding between the two countries, outlining a comprehensive cooperation framework.

A formal communication from the Somalian government highlighted the focus of the agreement on hydrocarbon reserves within Somalia’s exclusive economic zone while providing limited details on the revenue-sharing mechanism for the investment.

The minister further indicated that revenue sharing will emerge when the parties reach a stage to sign a Production Share Agreement (PSA).

The Turkish energy minister asserted that the agreement would yield greater advantages for both the government and the citizens of Somalia.

With this agreement, we will carry out joint activities to bring the resources of Somalia to the Somali people,” remarked the Turkish minister.

He further explained that Turkey seeks to establish its presence in the Horn of Africa with new deals in the field of energy.

What To Know

  • In 2020, Somali President Mohamed Abdullahi Farmaajo signed the Somali Petroleum Law. The law was designed to ensure that Somalia’s petroleum resources are maximized for the benefit of the Somali people while establishing a robust framework for governance.
  • Records show that international oil companies including Chevron, Eni, ExxonMobil, and Shell began exploring Somalia in the 1950s but stopped when the country plunged into civil war in early 1991.
  • Reports in October 2022 show that Somalia President Hassan Sheikh Mohamud supported Coastline’s Production Sharing Agreements with the Federal Government and declared the country was open for business with international companies.

What’s The Scope Of The Relationship Between Turkey And Somalia?

Turkey’s entry into Somalia in 2011 started as a humanitarian partnership but soon turned into a strategic one. Its support since has been economic and infrastructural and has increasingly included the military.

The Turkish government saw Somalia’s failed statehood and the lack of other major international stakeholders as an opportunity to increase its popularity across Africa.

Turkey aimed to:

  • gain international visibility
  • test its ability to intervene in the conflict and post-conflict scenarios
  • increase market diversification into East Africa
  • cultivate its image as a benevolent Muslim middle power by promoting Islamic solidarity.

Several Turkish faith-based associations and NGOs already active in Africa became directly involved in development and relief projects. Major national brands, such as Turkish Airlines, promoted campaigns to raise funds for Somalia.

Within a few years, Turkey’s involvement in Somalia was portrayed by the government and perceived by the Turkish public as a domestic issue.

Turkey’s early efforts to bring Somalia back to the table of the international community were successful.

With the reopening of Mogadishu’s port and airport in 2014, both managed by Turkish companies, the economic situation in Somalia improved compared to the previous decade. Turkish political elites began to present their involvement in Somalia as a success story. This is despite some remaining critical problems, including failing to root out the terrorist organization Al-Shabaab.

Turkey took responsibility for training the Somali National Army in partnership with other stakeholders, including the European Union and the United States. It opened a military base in Mogadishu in 2017. The base trains one of the army’s elite units, the Gorgor Brigades, and serves as a Turkish military outpost in the region.

Al-Shabaab’s persistence has convinced Turkey that it needs to provide more active military support for Somalia’s development. Ankara also wants to protect its economic and political investments in Somalia.

Finally, behind the Turkish deal with Somalia is the politics around the North Atlantic Treaty Organization (NATO).

Over the past 12 months, Turkey has moved closer to the United States. It’s positioned itself as an effective ally in Africa to counteract the negative effects of France’s withdrawal – such as the increasing influence of Russia. Turkey’s commitment to Somalia follows its efforts in Libya.

In both cases, Turkey has proven willing to take on the security burden that other Nato members, particularly Italy, have refused to meet.

Turkey’s engagement in Somalia is, therefore, part of a broader foreign policy strategy to gain more autonomy in global politics. Increased relevance within Nato would help achieve thi

Tags: OilTurkey

Be sure to turn on notifications to stay connected with us

Unsubscribe
Adeluola Abiola

Adeluola Abiola

Related Posts

Philip Costa Poised to Light Up Nigeria with Major Solar Energy Project

Philip Costa Poised to Light Up Nigeria with Major Solar Energy Project

by Damilare Famuyiwa
April 19, 2025
0

Renewable energy advocate, Philip Costa is on a mission to power Nigeria’s future—one solar panel at a time. Through his...

Edo Election Tribunal: INEC Fails To Call Witnesses Despite Being Subpoenaed

Edo Election Tribunal: INEC Fails To Call Witnesses Despite Being Subpoenaed

by Damilare Famuyiwa
February 9, 2025
0

The ongoing Edo State Governorship Election Petition Tribunal, under case number EPT/ED/GOV/02/2024 filed by Accord Party’s Dr. Bright Enabulele has...

Tinubu Appoints Ganduje as FAAN Chairman, Names 41 Others To Key Positions

Tinubu Appoints Ganduje as FAAN Chairman, Names 41 Others To Key Positions

by Damilare Famuyiwa
January 26, 2025
0

President Bola Tinubu has approved the appointments of chairpersons for the boards of 42 federal agencies, alongside the selection of...

Baron Jay Foundation President Nominates Enabulele For National Honours

Baron Jay Foundation President Nominates Enabulele For National Honours

by Damilare Famuyiwa
November 2, 2024
0

In a significant move aimed at bolstering efforts to combat hunger and poverty in Nigeria, Baron Jay Littleton Jr., President...

Why I'm Leading Edo Guber Race - Dr. Enabulele

Why I’m Leading In Edo Guber Race – Dr. Enabulele

by Damilare Famuyiwa
September 7, 2024
0

Dr. Bright Enabulele, the Governorship Hopeful of Accord Party, has revealed that it's no surprise that he's leading the race for...

Here're Good Alternatives To Fresh Tomatoes Amid Rising Prices

Here’re Good Alternatives To Fresh Tomatoes Amid Rising Prices

by Adeluola Abiola
May 31, 2024
0

The recent policies implemented by President Bola Ahmed Tinubu's newly-inaugurated administration, particularly regarding the fuel subsidy, have undeniably resulted in...

Next Post
Like Nigeria, Philippines Clamps Down On Binance

Like Nigeria, Philippines Clamps Down On Binance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Philip Costa Poised to Light Up Nigeria with Major Solar Energy Project
  • Tinubu to Host National Honours Award, Celebrating Excellence Across Nigeria
  • Edo Election Tribunal: INEC Fails To Call Witnesses Despite Being Subpoenaed
  • Tinubu Appoints Ganduje as FAAN Chairman, Names 41 Others To Key Positions
  • Historic Moment In US As Donald Trump Becomes 47th President

Recent Comments

  1. Mo Abudu Wins Forbes' Bizwoman Of The Year - Tech News Inside Africa on These Women Screams Inclusion In Nigeria’s Oil And Gas Industry
  2. Dereli / Giresun Kurumsal on Can Oduwacoin Be The First Altcoin With Its Own Blockchain To Break Out Of Africa?
  3. ทดลอง สล็อต xo เครดิตฟรี on From California’s South Central to Stardom: Ming -the Rising Artist to Watch-out For Next Year
  4. Sigorta on Can Oduwacoin Be The First Altcoin With Its Own Blockchain To Break Out Of Africa?
  5. googletest on Ronaldo Sued $1bn For Influencing Binance

Archives

  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • November 2024
  • October 2024
  • September 2024
  • July 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023

Categories

  • Artificial Intelligence
  • Business
  • Crypto News
  • Diaspora Voice
  • Economy
  • Entertainment
  • Finance
  • News
  • Politics
  • Real Estate
  • Security News
  • Sports
  • Spotlight
  • Tech
  • Tech News
  • uncategorized news
  • World

Category

  • Artificial Intelligence
  • Business
  • Crypto News
  • Diaspora Voice
  • Economy
  • Entertainment
  • Finance
  • News
  • Politics
  • Real Estate
  • Security News
  • Sports
  • Spotlight
  • Tech
  • Tech News
  • uncategorized news
  • World

Site Links

  • Login
  • Register
  • About us
  • Advertise with us
  • Contact-us
  • Fintech Telex
  • Guest Post
  • OduwaPay
  • Privacy Policy

© 2023 FinTech Telex. All Rights Reserved. Diaspora Network

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
  • Sign Up
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
No Result
View All Result
  • Home
  • Crypto News
  • Finance
  • Security News
  • Artificial Intelligence
  • Diaspora Voice
  • About us

© 2023 FinTech Telex. All Rights Reserved. Diaspora Network