Monday October 7, 2024
Turkey's seismic research vessel Oruc Reis sails through the Bosporus Strait as it heads toward Somalia to begin a landmark oil exploration mission in the country's untapped waters. The vessel is expected to conduct advanced seismic surveys over the next seven months.
Mogadishu (HOL) — Turkey's seismic research vessel, Oruc Reis, is on its way to begin a landmark oil exploration mission off the coast of Somalia, marking a watershed moment in Somalia's potential economic transformation. The mission comes after agreements signed earlier this year between Somalia and Turkey, which granted Turkish Petroleum exploration rights in three offshore blocks. Each block spans around 5,000 square kilometres (1,930 square miles), making this one of the region's largest energy exploration projects.
The Oruc Reis is expected to arrive in Somali waters by the end of this month. Over the next seven months, the vessel will conduct extensive 2D and 3D seismic surveys to locate potential oil and gas reserves. The data collected during this period will be key in identifying future drilling sites, setting the stage for Somalia's entry into the global energy market.
The Oruc Reis is being escorted by two Turkish naval frigates and supported by three additional ships—Zaganos Paşa, Sancar, a nod to Turkey's deepening defence ties with Somalia.
Somalia's government has fully endorsed the mission, with Petroleum and Mineral Resources Minister Abdirizak Mohamed calling it a "monumental day."
Turkish President Recep Tayyip Erdogan, during the send-off ceremony, stressed the importance of the mission. "Since 2017, Oruc Reis has played a key role in our maritime exploration efforts. Now, it will contribute to Somalia's economic growth and stability by exploring offshore energy resources," Erdogan stated.
Departing from the port of Filyos in northwest Turkey, the Oruc Reis is navigating through the Mediterranean, crossing the Suez Canal, and heading toward the Red Sea before reaching Somalia. The journey is expected to take about 20 days, and the vessel is anticipated to arrive in Somali waters by the end of the month.
According to recent seismic studies, Somalia holds immense hydrocarbon potential, particularly in its offshore basins. Preliminary surveys suggest the Somali Basin alone could contain up to 30 billion barrels of oil. Other offshore regions, including the Obbia and Coriole Basins, are estimated to hold between 5 and 20 billion barrels of oil. These figures, while speculative, shed light on the vast energy resources that could be available off Somalia's coast.
Somalia's natural gas reserves are also substantial, with early estimates indicating the country may hold up to 100 trillion cubic feet (tcf) of natural gas, with the Somali Basin potentially accounting for 40 tcf.
The successful discovery and extraction of these resources could radically transform Somalia's economy. The International Monetary Fund (IMF) projects oil and gas production could generate between $5 and $10 billion annually in revenue for Somalia's federal and regional governments, boosting Somalia's GDP by 7-10% annually. As a potential energy exporter, Somalia would reduce East Africa's reliance on Middle Eastern oil and gas, while attracting investment from major global powers.
Energy extraction would provide much-needed funds for development. Somalia's infrastructure has been severely damaged by decades of conflict, with the World Bank estimating that over $10 billion will be needed to rebuild the roads, ports, and pipelines necessary for oil and gas production.
International oil majors, including Chevron, Eni, and ExxonMobil, explored Somalia's resources as early as the 1950s. However, operations ceased in 1991 when civil war erupted.