(18-07-24) ISTANBUL (Halqabsi News) — The Turkish Petroleum Joint Stock Partnership (TPAO) is set to explore hydrocarbons in Somali waters following a landmark agreement signed with the Somali Petroleum Authority (SPA).
The deal was sealed today in Istanbul after a productive meeting between Turkish Energy Minister Alparslan Bayraktar and his Somali counterpart, Abdirizak Omar Mohamed. “We are pleased to have reached this agreement with Somalia,” said Bayraktar. “We believe this collaboration will be mutually beneficial and will contribute to the development of both our nations.”
Under the terms of the agreement, TPAO will explore three offshore blocks in Somali territory. Sources within the Somali government indicate that exploration activities could commence as early as next year, focusing on the promising offshore areas of Galmudug.
This latest development builds upon a series of agreements between Somalia and Turkey to strengthen bilateral ties. In recent months, the two countries have signed defence and energy exploration deals, signalling a deepening partnership.
“This partnership with TPAO is a major step towards realizing Somalia’s energy potential,” said Minister Mohamed. “We are confident that this collaboration will bring significant economic benefits to our nation, including increased government revenue, job creation, and overall economic growth.”
The agreement has been met with enthusiasm from both sides. Many are hopeful that it will usher in a new era of energy production for Somalia, a country with untapped hydrocarbon reserves. This could transform the nation’s economy and contribute to regional stability.
Halqabsi News
