Turkey Discovers 20 Billion Barrels of Oil in Somalia

Major Oil Discovery in Somalia

MOGADISHU (Somaliguardian) – Turkey has made a significant oil discovery in Somalia, with two out of three exploration blocks yielding commercially viable reserves. According to reports from Caasimada Online, each of these blocks contains an estimated 10 billion barrels of tradable crude oil.

Breakthrough in Energy Exploration

Preliminary drilling and geological assessments have been successfully completed, marking a major milestone in Turkey’s expanding energy ambitions in East Africa. The third block remains under active exploration, with results expected by August. Further laboratory analysis in Turkey will determine the quality and grade of the oil in this block.

Controversial Profit-Sharing Agreement

The discovery comes amid reports of a controversial profit-sharing deal between Somalia and Turkey. Under the agreement, which has not been officially published, Turkey would receive 90% of revenues from offshore oil production. This arrangement has sparked criticism from Somali political leaders, who argue it could lead to the exploitation of the country’s natural resources.

Source: Somaliguardian