Somalia plans to produce the first oil in its history on its own soil in 2024 Garowe Referring to the words of Somalia’s Minister of Petroleum and Mineral Resources, Abdirizak Omar Mohamed.
Development will take place at sites in Galmudug, South West and Jubaland provinces. According to geoseismic studies, Somalia’s potential oil and natural gas reserves are around 30 billion barrels.
Somali authorities have signed a contract with American Coastline Surveys to develop oil reserves in 2022. The agreement gives the US company the right to explore for oil in seven blocks of the Somali shelf.
In July 2023, the world’s recoverable oil reserves were estimated at 1.62 trillion barrels. Saudi Arabia continues to lead the world in fuel reserves with 271 billion barrels. The United States ranks second with 192 billion barrels. Russia is in the top 3 with 143 billion barrels.
Before reportedOPEC+ countries are ready for new measures in the oil market.
Former Russian Deputy Prime Minister Alexander Novak registered The impact of OPEC+ on the balance of the global oil market.