Somalia awakens as East Africa’s oil province

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Somalia awakens as East Africa’s oil province
Spectrum’s Neil Hodgson discusses Somalia’s plans to open its first offshore exploration license round in 2017 and how explorers currently analysing Spectrum’s new seismic data in the region, have recognised the potential of finding reserves to match those of its neighbours in East Africa.
It is widely known that the last thing East Africa needs at this moment in time is more undeveloped gas, with up to 200 tcf of gas, equivalent to more than 30 Bbbl of oil reserves, have been discovered in Mozambique and Tanzania in recent years. These huge discoveries are currently being queued up for development and are seeking an export market; meaning that there is huge relief that Spectrum’s new seismic data, collected between 2014-2016 offshore Somalia, has revealed what has been previously missing from this prolific margin – the scent of oil.

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During 2016’s African Oil Week conference in Cape Town, on Nov. 1, Jamal Mursal, the Permanent Secretary to the Somali Ministry of Petroleum and Mineral Resources, told an audience of industry senior executives that, in 2017, the Somali government will open an exploration licensing round for its waters. Mursal informed leaders from national and independent oil companies that after 25 years with no offshore exploration activity, the groundwork was in place to successfully open acreage to foreign investment. The exploration potential of the margin from Kenya to Puntland had been revealed by Spectrum’s modern seismic survey, revealing previously unseen geology, and allowing a new and exciting understanding of oil potential to be recognized.
The announcement of Somalia’s first license round is perfectly timed to coincide with the availability of new seismic data. This excites international geoscientists as a clear oil-prone series of prospects offshore the whole length of the Somali margin will be demonstrated.
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