Extracting Somali oil: is the risk worth the reward?

New research by seismic services company Spectrum Geo has confirmed significant hydrocarbon potential in the seas off the Somali coast, especially oil, which is easier to extract than natural gas. The government is keen to exploit the reserves, but is the threat of piracy and geopolitical instability too high to nurture an offshore industry?

BY HEIDI VELLA

In 2015 Spectrum Geo set out to conduct the most advanced seismic testing to date in the little explored waters offshore Somalia. The company later announced the potential presence of hydrocarbons at a depth where crude is usually found.
“Analysis is suggesting offshore Somalia stands as a beacon on the East African margin, offering the potential for the next giant oil discoveries in the future,” says Dr Neil Hodgson, executive vice president of geoscience at Spectrum.
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Source: http://www.offshore-technology.com/

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