Ghana starts pumping oil Today

[Monk-of-Mogadishu]

http://www.washingtontimes.com/news/201 ... -over-oil/

1.8 Billion barrels and everyone's making a buzz while Puntland is looking at 5 - 10 Bil. barrels. Ghana's oil was discovered by a small company. Congrats to the people of Ghana.

[Coeus]

http://www.washingtontimes.com/news/201 ... -over-oil/

1.8 Billion barrels and everyone's making a buzz while Puntland is looking at 5 - 10 Bil. barrels. Ghana's oil was discovered by a small company. Congrats to the people of Ghana.

Its not very much. Various companies estimated that the oil will only last 20 years in that country. But i gotta hand it to them. They were very careful through all the process. They even whent to fight with shell. They were scared that what happened in nigeria would happen in Ghana.


That is why puntland should not drill anything right now.

[Monk-of-Mogadishu]

Yeah, 1.8 billion barrels is a joke. You would need at least 5 billion barrels to impact a country as big as Ghana.

[KingMJ]

Puntland has 5-10 billion barriers of Oil? No way. If thats true I think the pirates will quit because puntland getting some big money!

[Monk-of-Mogadishu]

http://www.oilmarketer.co.uk/2007/07/18 ... ant-cnooc/

An oil group listed in Sydney, Range Resources, anticipates that the Puntland province, which includes the Mudug region, has the potential to produce 5 billion to 10 billion barrels of oil.

According to Executive Director Peter Landau, "nobody disputes the fact that we have basins that are analogous to Yemen" across the Gulf of Aden, with up to 5 billion barrels of oil apiece (there are 2 basins in Puntland). Mr. Landau notes that Puntland is relatively insulated from political upheaval and that the majors previously spent about $150 million to explore the area.

[Oxidant]

Amazing, just one region has the potential to produce 5 billion to 10 billion barrels of oil.

Now imagine the whole Somalia and it's coastlines.

I will call it early and say Somalia has 150 billion barrels of Oil

[Coeus]

Puntland has 5-10 billion barriers of Oil? No way. If thats true I think the pirates will quit because puntland getting some big money!

Its true puntland has that much Oil. But puntland goberment should not be hungry and eye the Oil wells. They should focus on better stability, eradicating the pirate bases. Then they should hold an election for the people there, so they can choose honest good politicans. Then they should set up a anticorruption commite, just like somaliland did. Then they atleast will be a level of trust for that goverment and their commitment to spend the oil renevue on the people and not the swiss bank accounts.

With faroole in charge, i dont see a prospering puntland.

[KingMJ]

Yh your right, I can see a corrupt government hiring shady oil workers from europe and pocketing the money for themselves can happen very very easily.

Yh just imagine if puntland gets all this oil, ogaden finds lots of oil and minerals, xaamir finds lots of minerals, coastline fish return with nice fresh lobster and wildlife and goats from somaliland. Then the entire country could prosper.

[Coeus]

Yh your right, I can see a corrupt government hiring shady oil workers from europe and pocketing the money for themselves can happen very very easily.

Yh just imagine if puntland gets all this oil, ogaden finds lots of oil and minerals, xaamir finds lots of minerals, coastline fish return with nice fresh lobster and wildlife and goats from somaliland. Then the entire country could prosper.

Yeah, that is why the entire country shouldnt touch the natural resources until this political situation in north and the extremist situation in south is solved. We need a strong goverment in the South just as we need strong goverment in the north.

[Monk-of-Mogadishu]

and goats from somaliland.

[KingMJ]

Yh we need some good governments, the somaliland got rid of daahir riyaale who I think was a bit corrupt, puntland like you said should have elections like somaliland and anti-corruption in force.

South somalia thats tough, lots of problems their especially with al-shabab. That will take very long to solve, I dunno how somalia will unite but each section needs to strengthen starting with the north and then the south has to follow suit.

[Coeus]

Agreed

[Basra-]

20 years of oil drill is enough to give an african poverty country a start.

[soomaahan]

20 years of oil drill is enough to give an african poverty country a start.

[union]

The question is whether or not Puntland's oil is worth the cost of extraction and its quality. Has range discussed this?